Journal articles on the topic 'Anti-cyclical economic policy'

Introduction. Economic cycles, the periodic emergence of economic imbalances, deep economic crises, the need for effective management of economic fluctuations have created the need to develop an effective mechanism for anti-cyclical economic regulation. As a result of the in-depth study of these problems, it has been established that the most effective instruments of anti-cyclical economic regulation are financial instruments owned by the state and divided into monetary and fiscal ones. They in turn are divided into discretionary and non-discretionary, and regulated by legislative acts and regulatory documents. As a result of a retrospective analysis of management of economic cycles through the use of financial means of the state, it has been proved that monetary policy is less sustainable than economic fiscal policy. On the contrary, for the last century, precarious monetary policy has caused many financial and economic upheavals; the world has seen at least three monetary and monetary systems that have been subject to a downturn every time. Therefore, it is not worth considering monetary policy sufficiently effective in the implementation of anti-cyclical regulation. While fiscal policies each time, in all economic crises, have played the role of a "lifeline" for countries that have taken anti-cyclical economic regulation measures. That is why the study of the problem of effective state management of socio-economic fluctuations is one of the most urgent issues of economic science. The goal of the work. To investigate the essence of monetary and fiscal instruments of counter-cyclical regulation of the economy, to identify their strengths and weaknesses, to propose effective mechanisms of counter-cyclical regulation of the economy, which would ensure economic development in the country. Methods. In the course of the research, general scientific and empirical methods of economic science based on a systematic approach are used, in particular: methods of scientific knowledge: dialectical and logical, analysis and synthesis, generalization, graphical, scientific abstraction - in the study of state financial policy in the field of anti-cyclical regulation of the economy. Results. The article deals with the essence of monetary and monetary systems, analyzes their weak and strong sides, identifies the causes of their decline. It was established that monetary factors influenced the emergence of centers of economic crises. The essence of fiscal policy, its types and models, and the way in which its instruments influence the course of the economic cycle are considered and deeply analyzed. The mechanisms of fiscal policy, which should be used by the state at different stages of the economic cycle, are singled out. It is proved that in economically developed countries during the economic crisis it is expedient to use a socially-oriented model of fiscal policy of acyclic nature that most effectively influences the overcoming of economic imbalances and is capable of ensuring the economic equilibrium in the country as soon as possible. Countries that effectively applied the liberal model of fiscal policy, in the conditions of the economic crisis, were forced to resort to transformation towards a more rigid fiscal intervention by the state in economic processes-they were forced to use socially-oriented, acyclic fiscal policies. Only the wider participation of the state in the regulation of economic processes have ensured the rapid and effective overcoming of economic crises, and contributed to the achievement of economic development in most countries of the world. Perspectives. The results of scientific research can be useful for scientists and practitioners who are engaged in research on problems of anti-cyclical regulation of the economy, state financial policy and, in particular, fiscal policy.

The main goal of this paper is to analyse whether the fiscal policy of the Czech Republic is anti-cyclical. This analysis is carried out through decomposing the government’s balance into its cyclical and structural part. The first differences of the structural part are then put in relation to the output gap to determine whether the fiscal policy is pro- or anti-cyclical. Moreover, the correlation of government expenditures and revenues with the business cycle is also subject of our analysis. We also examine whether the fiscal rules which the Czech Republic would have to adhere to once it enters the euro area limit fiscal policy as a stabilizing mechanism.The paper concludes that the fiscal policy in the Czech Republic was for the most part rather of a random character than anti-cyclical during the examined period 1998–2013. This conclusion has two implications. Firstly, there is still room for improvement in fully and consistently utilizing fiscal policy to stabilise the Czech economy throughout economic cycles. Secondly, fiscal rules would not limit the Czech government to practice anti-cyclical fiscal policy if they have been implemented since 1998.

Economic growth and investment boom should not shadow the lack of institutional reforms, emerging fiscal populism as well as inefficiency of law enforcement system. The important forthcoming problem is the possibility of macroeconomic destabilization as a result of global depression. The current Russian economic policy is concentrated on stimulating economic growth (at any price) while it should now pay more attention to anti-cyclical measures. Another challenge for stability will come from inflation.

The state fiscal policy and its instruments are the main means of economic fluctuations management and they occupy a leading place in the system of the state anti-cyclical regulation of the economy. Special theoretical and methodological aspects of the fiscal policy and analysis of its influence on the course of the economic cycle were well-reasoned on the ground of a large number of scientific publications. However, it is relevant to research into this problem using the pragmatic approach, which will allow to obtain qualitative scientific results and make the necessary conclusions. In particular, the analysis of fiscal processes in the countries with different economic development and social standards will allow to distinguish the strengths and weaknesses of the opposing patterns of fiscal policy models and types and will determine the impact of such policies on economic growth and overcoming the economic crises in these countries.

The issues of interaction between monetary and financial authorities in the framework of effective policy aimed at achieving stabilization and development of the economy are considered. Coordination of actions of monetary and financial authorities is considered in the context of anti-cyclical and non-cyclical economic policy. Special attention is paid to coordinating actions in this area between the Central Bank of the Russian Federation and the Government of the Russian Federation

Economic growth is the key challenge at the political agenda of the leading countries including Russia. This papers discusses existing hypotheses of “secular stagnation” and “productivity paradox” - demand side problems (cyclical factors); special features of technological innovations (technological factors); anti-crisis policy preventing “creative destruction” (political factors); irrelevance of GDP measurement (statistical problems). Limits of growth contribute to a new global policy trend - emerging of populism, and the paper discusses the prospects of transformation of political populism to economic one. Global challenges provide the basis for further analysis of Russian economic development, and particularly the results of 2015-2016 anti-crisis policy, which helped the national economy to adapt to new economic realities of the post-crisis world.

Stability and Growth Pact is the main rule-based framework for the coordination of national fiscal policies in the economic and monetary union (EMU). It was established to safeguard sound public finances, an important requirement for EMU to function properly. Member states had a lot of determination before setting up a monetary union (nominal criteria were a condition to adopt common currency). In the next years, coordination of fiscal policy was not so successful. In many countries, revenues were temporarily boosted by tax-rich activity, while they didn’t restrict their expenditures. In most countries fiscal policy was pro-cyclical (not anti-cyclical) and they didn’t achieve their MTO. Financial crisis has sharpened budgetary problems in member states and showed the weakness of coordination rules.

AbstractBased on Schumpeterian theoretical considerations, this paper investigates the innovation behavior of firms during the severe economic crisis of the year 2008/2009. It focuses on transition countries of Central and Eastern Europe and Central Asia, which have completely restructured their innovation systems through the course of transition from planned to market economies a relatively short time ago. As a result of the crisis, we observe a strong decline of innovation activity in all transition economies. In line with the literature, there is, however, empirical evidence for both creative destruction as well as creative accumulation. This underlines two key findings: firstly, the universality and durability of Schumpeterian assumptions, and secondly, a call for anti-cyclical innovation policy.

Abstract The aim of this paper is to analyze controversies of modern macroeconomic theories in the period of the global economic crisis. Ideas, disagreement and similarities between the most important theories in relation to state intervention and anti-crisis economic policy are presented. The topical research has found a connection between the roots of the global economic crisis and the paradigm of new liberal theories. The crisis has confirmed that the idea of self-regulation in the private sector is untenable in practice. In times of crisis, the leading theoretical framework in economic policy is reexamined. Rules-based monetary and fiscal policies are replaced by discretionary decision-making. In the world economies affected by the crisis, anti-Keynesian cyclical measures of monetary and fiscal policies were implemented. A comprehensive and unequivocal reaffirmation of Keynesianism in anti-crisis policies has confirmed the assumption of the circularity of economic theories. Central banks quickly reduced their key interest rates and increased their money supply. Fiscal authorities implemented expansive stimulus programs. When creating a new macroeconomic paradigm, market imperfection must be taken into account as well as a limited range of government economic policies.

This article provides a content analysis of over 20 policy proposals for coping with the COVID-19 crisis that have been published by influential international organizations, governments, corporations, academics and civil society groups. The current situation, the role of digitalization during the crisis, and the composition of anti-crisis measures already taken by the world’s largest economies are investigated, and long-term measures are proposed aimed at restoring the global economy and moving toward more equitable and sustainable development.The authors identify a significant green component in public policy proposals published since the pandemic began and note that many proposals relate to equity and inclusiveness in development and meeting the needs of individuals. The authors further identify key areas of sustainable development that require action in the near future and which can create new opportunities for economic development: renewable energy and clean transport, cyclical economy, digitalization and environmental protection. At the same time, it is noted that the transition to a green economy is of a long-term nature and may conflict with the need in the short term to support the economy in overcoming the crisis.These priority areas for government action require attention within the framework of Russia’s anti-crisis policy. Given the sharp drop in oil prices, the acceleration of digitalization and decarbonization, and the magnitude of the 2020 economic crisis, Russia needs to begin an accelerated transition to low-carbon energy, a cyclical economy and the restoration of its ecosystems with accelerated digitalization.

This paper explores the relationship between trade growth and long-run trends in real GDP growth from a purely empirical perspective. Its novelty lies in the way that it models trade growth: as a function of cyclical trends in real GDP growth. The main finding is that trade growth responds asymmetrically to deviations from long-run GDP growth. Generally, trade growth is positive and statistically significant when GDP growth is above the long-run trend. On the other hand, trade growth ceases but does not become negative when GDP growth falls below its long-run trend. While this behavior holds true broadly, individual countries’ trade growth may respond differently when GDP growth is above or below trend. Comparatively, low-income countries’ trade growth takes the greatest hit when economic growth slows, while lower-middle and high-income countries are least affected. These findings have potential implications for trade policy-making in the twenty-first Century especially given the current atmosphere of anti-globalization and slow trade growth.

The current socio-economic situation in Russia is developing under the influence of anti-Russian sanctions, the intensification of global competition, the complication of the world political situation. Against this background, a complex problem requiring an integrated and systemic solution is to ensure sustainable parameters of economic growth. As the economy has a tendency to repeat the dynamics, it allows us to identify the cyclical nature of its development. Successful industrial development is replaced by periods of decline, accompanied by inflation and unemployment, a decline in production and consumption. The study of socio-economic dynamics in a long-term retrospective allows us to identify patterns in development and develop a set of anti-crisis measures. In this paper, we study the dynamics of socio-economic processes that accompany the development of the national economic complex in recent years. Analysis of the dynamics of the GDP of the Russian Federation made it possible to discover the cyclical nature of its development. From 2002 to 2015, two cycles were identified: the first - from 2002 to 2008; the second - from 2009 to 2015. After the global financial and economic crisis of 2008-2009, Russia noted the post-crisis economic recovery, which was interrupted in 2013-2014 by the introduction of international economic sanctions against Russia. The slowdown in economic growth since 2014 was determined by external shocks in the energy and raw materials markets, as well as by geopolitical tensions and, as a result, the closure of foreign capital markets for a number of Russian companies and banks. Analysis of investment as the main catalyst for economic growth showed a fall in investment volumes amid the effects of the crises of 2008 and 2013-2015. A decrease in investment activity in the regional structure of investments was noted. The modern tendencies in reorientation of regional investments in the branch, not subject to sanctions influence and working on realization of import substitution policy are revealed. Groups of activities aimed at stimulating capital investments and ensuring sustainable economic development in the regions have been formed.

Economic fluctuations refer to ups and downs in the levels and/or rates of changes in the economic goal variables like real national income (GOP), inflation rate, and the rate of unemployment. Stabilization policies are the tools in the hands of the policy-makers to counter economic fluctuations and these include fiscal policy, monetary policy, and foreign exchange rate policy. This paper analyses the extent and depth of all major fluctuations (business cycles) across the G-7 countries, India, China, Malaysia, and the world as a whole during the Great Oepression and the last 40 years, identifies the major cause behind each significant departure from the trend, and examines the theoretical limitations as well as the actual application of the various policies to tame those business cycles. This paper finds that: Business cycles are universal. Each of the countries under analysis here has experienced an overall positive growth rate but also a negative growth rate, generally in more than one year, during the period of this study. Further, the standard deviation of the growth rate as a percentage of the growth rate (called the coefficient of variation) is sizeable in all countries as it varies between a low of 41 per cent in Malaysia and a high of 96 per cent in the UK. Business cycles are not always synchronized across countries. During the Great Depression and stagflation periods, most countries suffered from similar maladies but such a synchronization was rarely found in other times. For example, Japan performed relatively better during the 1950s and 1960s, and China and the South-East Asian economies enjoyed that position during the 1980s and 1990s. Further, while every country has experienced a negative growth rate, there is no year in the last 50 years in which the growth rate was negative in all countries. The world as a whole, of course, has always enjoyed a positive growth rate. Business cycles have become milder over time. During the Great Depression, output fell by over two digit rates in many countries japan experienced a two-digit growth rate in most of the years during 1960s, 1980s, and 1990s, but lately, the growth rate in most countries is hovering around 2 to 5 per cent. Business cycles are caused by varying events. While the adverse demand shock caused the Great Depression, the adverse supply shock triggered the stagflation and economic reforms have been responsible for hyperinflation, financial crises, and prosperity. always been applied in the right perspective. During the Great Depression, the nominal money supply should have increased but it fell and the government expenditure rose but only marginally. The simple correlation and multiple regression analysis' results for the three select countries suggest that while the monetary policy was conducted as an anti-cyclical tool in lndia, it was pro-cyclical in the US and China, and quite the opposite was the case with regard to the conduct of fiscal policy. The cycles are bad and it is unfortunate that the stabilization policies do not offer panacea to tame them fully. However, it is heartening to find that economic fluctuations have become milder over time and the credit for this goes to the innovative developments in the macroeconomic theory and to the improvements in the practice of stabilization policies. Though cycles are unlikely to be eradicated, there is now only little fear of severe crises in future like the Great Depression or stagflation.

State (government) intervention in the economy has a long history. This issue has become especially crucial after the formation of the market economy. The cyclical (uneven) nature of market economy development determines state›s intervention with various levels in certain periods. the role of government in economy is getting more important in recession and crisis periods and it is becoming less important in a period of the normal development of the economy. The most obvious proof of this is the global financial and economic crisis of 2007-2008, that has been overcome by the active anti-crisis policy of the State. The government’s role in the economy during the post-crisis period was relatively weakened. Globalization significantly changes the state›s economic role, but it does not nullify it. Nowadays, the relationship between the state and the economy is crucial and beneficial for both sides. In the modern economic system the state has one of the most important parts of the market economy. Unlike the private market, which is determined by the profit and-loss categories, the main objective of the State›s economic activity is to maximize welfare of the entire society. Governments of the countries participating in the globalization process are not able to carry out economic policy without taking into consideration the interests of the global members - international financial and economic institutions, transnational companies (TNCs) and regional unions.

The article analyzes the influence of inflation on economic growth and substantiates the main directions of increasing the effectiveness of the central bank's anti-inflation policy. In order to determine the limit of inflation, the excess of which has a negative impact on the economic growth, the relationship is analyzed between the inflation rate and the real GDP growth rate on the basis of IMF statistics using the example of 158 countries. It was determined that in 2010–2017, in the global economy, the 6.0% inflation was the marginal value of the inflation rate, beyond which the economic growth rate declined or slowed down. Given the inverse relationship between the inflation rate and the real GDP growth rates as well as empirical calculations for the period 1996–2017, the threshold for inflation rate for Ukraine at the level of 4.51% was determined based on empirical calculations for the 1996–2017 period. The results indicate that the National Bank of Ukraine set the inflation target above the level of the calculated threshold inflation. It has also been established that the link between the rates of nominal GDP growth, as opposed to real GDP, and the inflation rate, is more direct and more tight. It is substantiated that to analyze such dependence it is better to use GDP deflator instead of CPI. The results indicate that deflation constrains economic growth much less than inflation. In order to increase the effectiveness of the central bank’s pro-cyclical monetary policy aimed at supporting economic growth, the relationship between the rates of real GDP growth and the indicator characterizing the gap between the growth rates of M3 and inflation, which actually reflects the real money supply dynamics, is determined. The results obtained allowed to conclude that in 2009 and 2014-2017, the artificial “squeezing” of the money supply took place in Ukraine, resulting in a decrease in the level of the economy monetization by 22.0% in 2017 compared to 2013.It has been proved that in order to minimize the negative impact of inflationary processes on economic growth, the policy of the National Bank of Ukraine should be aimed at eliminating the artificial squeezing of the money supply through a reasonable increase in the economy monetization and the implementation of an effective monetary policy.

Purpose This paper aims to estimate a New Keynesian small open economy dynamic stochastic general equilibrium (DSGE) model for Egypt using Bayesian techniques and data for the period FY2004/2005:Q1-FY2015/2016:Q4 to assess monetary and fiscal policy interactions and their impact on economic stabilization. Outcomes of monetary and fiscal authority commitment to policy instruments, interest rate, government spending and taxes, are evaluated using Taylor-type and optimal simple rules. Design/methodology/approach The study extends the stylized micro-founded small open economy New Keynesian DSGE model, proposed by Lubik and Schorfheide (2007), by explicitly introducing fiscal policy behavior into the model (Fragetta and Kirsanova, 2010 and Çebi, 2011). The model is calibrated using quarterly data for Egypt on key macroeconomic variables during FY2004/2005:Q1-FY2015/2016:Q4; and Bayesian methods are used in estimation. Findings The results show that monetary and fiscal policy instruments in Egypt contribute to economic stability through their effects on inflation, output and debt stock. The monetary policy Taylor rule estimates reveal that the Central Bank of Egypt (CBE) attaches significant importance to anti-inflationary policy and (to a lesser extent) to output targeting but responds weakly to nominal exchange rate variations. CBE decisions are significantly influenced by interest rate smoothing. Egyptian fiscal policy has an important role in output and government debt stabilization. Additionally, the fiscal authority chooses pro-cyclical government spending and counter-cyclical tax policies for output stabilization. Again, past values of the fiscal instruments are influential in the evolution of the future fiscal policy-making process. Originality/value A few studies have examined the interaction between monetary and fiscal policy in Egypt within a unified framework. The presented paper integrates the monetary and fiscal policy analysis within a unified dynamic general equilibrium open economy rational expectations framework. Without such a framework, it would not be easy to jointly analyze monetary and fiscal transmission mechanisms for output, inflation and debt. Also, it would be neither possible to contrast the outcome of monetary and fiscal authorities commitment to a simple Taylor instrument rule vis-à-vis optimal policy outcomes nor to assess the behavior of monetary and fiscal agents in macroeconomic stability in context of an active/passive policy decisions framework.

After a long period of unstable and low economic activity, Brazil achieved a relatively high economic growth with low inflation from 2004 to 2008, when the world scenario was favourable for the Brazilian trade balance. An incomes policy, focused on real increases in the minimum wage along with a credit boom, led to a decade of high consumption growth rates. High levels of consumption and exports, in turn, induced investment and stimulated manufacturing production, despite the real appreciation of the national currency. However, the Great Recession that emerged after the global financial crisis of 2007/2008 brought challenges to the Brazilian economic performance, with unpleasant consequences for the country?s GDP growth. Consumption, investment and exports have decelerated, despite anti-cyclical macroeconomic policies. In this setting, manufacturing production stagnated and GDP growth slowed down substantially, while imports continued rising considerably. The aim of this paper is to provide an explanation to the slowdown of Brazilian growth rates after the Great Recession. The main hypothesis is that consumption was the main source of effective demand in the country since 2003. However, Brazil has not yet been able to sustain manufacturing and economic growth without a more active government policy to stimulate productive investment.

The relevance of this study is due to the fact that in the modern world, including Russian, law and order, a special mechanism of “anti-crisis regulation” is being transformed, which in the context of a pandemic has be-come heterogeneous, with a permanent convergence of the norms of private and public law. Proceeding from the fact that anti-crisis regulation is pre-dominantly part of the state policy in a particular area, it is proposed to un-derstand that the epidemiological crisis itself is the starting point for other crisis phenomena (financial, demographic and other crises), the prevention or reduction of the impact of which is the most important task of any state. We consider the relevant aspects of crisis management. We analyze the catego-ries of countercyclical and pro-cyclical regulation, investigated the issues of fiscal policy. We pay attention to behavioral economics and the role of the state in its functioning. We note that the directions of spending budget funds in one way or another depend on the behavioral economy, which is not al-ways manageable. We provide an analysis of the concept of “choice architecture” in the aspect of a “push” decision-making mechanism, in which a special role is assigned to the state. We emphasize the growing importance of financial programs to support small businesses or citizens wishing to become individual entrepreneurs, self-employed.

Abstract. The purpose of the article is to develop the concept of effective regulation of the economy, adequate to the current stage of economic development. The article formulates theoretical approaches to the study of the evolution of the economy and the factors that cause the cyclical occurrence of crisis situations in the global and national economies, presents a system of connections and relationships, factors and prerequisites that caused the emergence of the global crisis in 2020. The crisis situation, the catalyst of which was the coronavirus pandemic, is developing under the influence of global prerequisites caused by the interference of three global cyclical waves: the technological cycle (N. Kondratiev, S. Glazyev), the systemic cycle of capital accumulation (D. Arrigi, T. Piketty) and the civilization wave (E. Toffler). The influence of modern global challenges on the economy, trends and prospects of national financial policy is considered. The author concludes that the key problems of the national economy: income differentiation, poverty, capital outflow and uncontrolled Central Bank inflation are interrelated. The consequences of the modern anti-inflationary policy of the Bank of Russia are analyzed and predicted. The trends of post-crisis development of global and national economies are constructed and substantiated, the connection of the development of financial market models in various countries with the stages of the system cycle and the centers of capital accumulation is proved. Methodological, methodological and practical recommendations are proposed for the selection and justification of the activities of the national program aimed at building an effective post-crisis socio-economic mechanism in order to overcome crisis phenomena and subsequently ensure the sustainable development of the national economy and its sectors. Modern conceptual approaches to the development of a national program aimed at building an effective socio-economic mechanism to ensure the sustainable development of the national economy, regions, sectors, industries, enterprises, and improving the welfare of citizens are formulated. Bringing the vector of strategic development of the national economy in line with global development trends will allow achieving the stated goals of economic policy, increasing the competitiveness and efficiency of the national economy, national economic entities. The implementation of an adequate regulatory mechanism and the choice of the exact time range and direction of rational efforts will increase the level of well-being of the population, the stability of the economy and society, and successfully counteract modern global challenges and threats to national security.

In the article the authors attempt to understand the extent to which fiscal rules that were applied earlier in Russia and are in force at the present time are systemic and balanced, which requirements must be met by an effective fiscal rule in current conditions. So, according to the authors, fiscal rules should allow to adapt the budget to the requirements of financing structural changes in the economy and to maintain control over long-term budgetary sustainability. However, the new fiscal rules, introduced in July 2017, imposing excessively tight restrictions on the volume of federal budget expenditures, will not allow to provide the necessary amount of expenditures for economic development and financing of structural reforms. In this regard, a consistent transformation of the current version of fiscal rules to the framework on the basis of a zero structural balance is justified. The preparation of federal budget, balanced on a cyclical basis, can provide a relatively stable level of expenditure, regardless of the volatility of oil prices and the economic cycle, thereby realizing the countercyclical nature of fiscal policy and reducing the budget vulnerability to internal and external shocks. The effectiveness of the proposed fiscal rule is verified through modeling on data for 2007-2016. In particular, if we had used the proposed rule starting from the second half of the 2000s, it would have been possible to curb the growth of federal budget expenditures that began with the anti-crisis measures of 2009, halve the level of public debt and accumulate sovereign reserves in the amount of up to 25% of GDP. At the same time, the proposed rule requires high quality of macroeconomic and budgetary forecasting.

Complex and contradictory processes of modern social transformations and the need to overcome the crisis in the economy require the appropriate influence of the state and a clear system of socio-economic management through the formation and implementation of effective state economic policy. The main elements of economic policy are financial and credit, budgetary, scientific and technical, structural, social, investment, agricultural, regional, foreign economic policy. The implementation of state economic policy is considered in terms of the relationship between social problems and the state. Therefore, the purpose of the article is to study the essence, tools and methods of state economic policy in modern conditions. It is also necessary to identify the main risks and features of further development of state economic policy of individual states in a global imbalance and crisis. The theoretical part is devoted to the study of the essence of state economic policy, theoretical and practical aspects of its organization in the state, as well as tools that can be used by the state. The resulting part is devoted to the consideration of the situation, in which the world economy has found itself in 2020 in the conditions of the economic COVID-19 crisis. General forecasts have not provided to individual states because it has been impossible to predict the end of the pandemic and the return of the world to normal life. However, it is clear that the world economy has undergone irreversible processes that will synergistically affect different states in different ways. The crisis has hit a significant number of industries, including tourism, logistics, hotel business, the crisis has been felt in world markets: oil prices have collapsed, as well as the stock markets. Undoubtedly, there are areas with a rapid growth, especially the pharmaceutical industry and retail, online delivery services, IT entertainment and communications industry, information marketing business and education and training services. It is likely that the indicators of economic development in the states by the end of the year will be better than the results of the first half of the year. The basic forecast of economic world development assumes a sharp growth of the economy after a short recession after quarantine. The financial capabilities of the EU states vary considerably, but each state must pursue counter-cyclical policies aimed at stabilizing its own economy. The answer to the question of what kind of crisis response policy they can afford depends on the fiscal policy of the states before the crisis. In economically developed states, where emergency measures have been introduced, governments and central banks issue trillions of dollars in government spending, social support of citizens, and interest-free business loans to limit the economic damage of quarantine. At the same time, in Latin America and Southeast Asia, total quarantine is impossible in multi-million cities. Such states have a triple effect of suffering from the virus, the environment and poverty. States dependent on the export of natural resources and raw materials, when faced with the crisis, are forced to sell them for nothing, so they will suffer great losses. More than 150 states have set up anti-crisis headquarters and are taking anti-crisis measures. The authors have also tried to predict how largescale the global economic crisis will be for Ukraine, what consequences await it, and what measures need to be taken to overcome it.

The article analyzes the causes and possible consequences of the current situation in the foreign exchange market for Russian development strategy of import substitution that the country has to develop and implement after the US, the EU and some of its allies initiated economic sanctions against Russia. It is shown that the sanctions policy follows the competition, aggravated with the onset of the structural crisis of the world economy in 2008, that is understood as the crisis in the model of inflationary growth, combined with the cyclical and financial crises.

O caráter sistêmico da crise financeira e econômica de 2008 demandou que rápidas políticas fossem implementadas pelos Estados para contrabalancear o alto nível de incerteza, a iliquidez e a queda na demanda agregada. Nesse sentido, a atuação da República Popular da China é considerada um caso extremamente relevante de estudo a partir do conjunto de medidas anticíclicas adotadas principalmente a partir de uma política fiscal ativa. O presente artigo busca, portanto, investigar o papel do Estado chinês na gestão da crise recente a partir da perspectiva Minskyana, reforçando a importância do big government e do big bank para a rápida recuperação econômica chinesa – embora não sem novos desafios. Palavras-chave: crise financeira e econômica, China, políticas públicas anticíclicas, big government, big bank. Abstract: The systemic effects of the financial and economic crisis of 2008 required the quick implementation of public polices to counterbalance the high level of uncertainty, illiquidity and the fall in the aggregate demand. The response of the Popular Republic of China is considered unique and worthy of investigation regarding the implementation of anti-cyclical public polices, with highlight to the role of its active fiscal police. Therefore, this articles aims to investigate the role of the Chinese state in the crisis management within Minsky’s perspective, recalling the importance of the big government and of the big bank for the quick economical response of China – although not without upcoming challenges. Keywords: financial and economic crisis, China, anti-cyclical public policies, big government, big bank. Recebido em: dezembro/2017. Aprovado em: abril/2018.

The article reveals the purpose of psychology as a field of knowledge related to the life sciences, and aims to learn as much as possible about the mental life of all living beings on our planet, and therefore life in general, although most in the second century of its scientific design is primarily interested in its own representations and their communities. The division into currents, directions, specializations, experiments studied by R. Trach is given, which reflects parts of integrity in the study of human mental life, which when combined do not reflect human integrity. It is noted that this natural general civilizational tendency to restore lost in the scientific period knowledge of integrity led to the need to develop a vitacultural methodology, ie a methodology for the culture of human life. The guidelines of V.A. Romenets are presented, which at the beginning of the XXI century were embodied in the development by A.V. Furman of the vitacultural methodology of psychological knowledge, presented in the metaphor of the mill of human life and cultural heritage by its thinking. A.V. Furman’s restoration of the subject field of psychological knowledge in the outlines of canonical psychology as defined by V.A. Roments as the most natural form of psychology as a science is revealed. The definition of psychohygiene as a system of means used by man and society as a whole to maintain their own mental health and, consequently, health as a whole, which does not exist without this essential property, is substantiated. In particular, it is clarified that these tools are contained in the mental health of man and in society itself and are unconsciously required in everyday life, just as the need for homeostasis is not realized until the need for special efforts to maintain the integrity of its own functioning. The article presents the methodological foundations of psychohygienic conditionality of the development of psychological theories, their general civilization and individually significant for human demand in the practical context of maintaining mental health in communities where its vital functioning; revealed the cyclical nature of the development of psychohygiene in conjunction with the psychological expression of the respective societies and communities of risks and threats to their own integrity, life purpose and the unimpeded realization of their natural capabilities. The section “Strengthening Mental Health: Strengthening the Response of the World Health Organization” outlines WHO’s approaches to promoting and protecting mental health worldwide. Ways to enhance the WHO response to mental health are specified, including early intervention, child support, socio-economic empowerment of women, social support for the elderly, vulnerable people, including minorities, indigenous peoples, migrants and affected by conflict, mental health advocacy, mental health interventions at work, housing policy, violence prevention, community development, poverty reduction and social protection of the poor, anti-discrimination laws and campaigns, promotion of rights, opportunities and care people with mental disorders. The sections devoted to the world development of the methodology, theory and practice of psychohygiene are presented chronologically: “Development of psychological knowledge and psychohygiene. The last third of the XIX – beginning of the XX century: emergence in Ukraine “,” The first third of the XX century: theoretical and practical rise and development in Ukraine “,” 60s of the XX - the first decades of the XXI century: the return of the forgotten “. It has been proven that the psychological content of psychohygiene is the purpose of all branches of psychological knowledge to create a mental culture of a person, including the culture of his own mental health. The tendencies of the current state of development of theoretical and methodological problems of psychohygiene are presented, which testify to the irreversible process of restoring the humanistic orientation of public consciousness, and with it - the appeal of psychological research to the problems of pedagogical tact, attentiveness, caution, respect for human dignity, mental and physical health. I am a person who has a particularly significant tradition in Ukrainian psychological culture. It is noted that this tradition is a reflection of the extremely tragic history of the development of phylogenetic conditions for the preservation of the life of the Ukrainian nation during the last millennium.

Middle East Studies for the New Millennium sheds light on the trials and tribulations of Middle East area studies in the highly charged and politi- cized context of American academia and broader US policy. In this respect, it is an important exposition of how American universities produce knowl- edge about different world regions (ix). The study is the outcome of a research project that spanned a period of nearly fifteen years since 2000. The introductory chapter, by book editors Shami and Miller-Idriss and titled “The Many Crises of Middle East Stud- ies” (MES), refers to the contextual status of the field and relates its ‘crises’ to an American setting in which knowledge and power are intrinsically, even if not always clearly, juxtaposed. Shami and Miller-Idriss point out that three main institutional actors define the politics of the field: univer- sities, federal government, and private philanthropic foundations (8). The role of the US federal government in producing knowledge, the relation- ship between knowledge and power, and ways of knowing about ‘other’ cultures and places has long been a source and subject of numerous debates and controversies (1), but the authors problematize it in terms of the “se- curitization of academic knowledge in the name of ‘national interest,’ the challenges arising out of the possibilities of unbounded, transnational fields of scholarship and the future of the university as an institution” (2). The MES also faced an additional crisis as a growing number of social scientists came to perceive it as too focused on in-depth studying of areas instead of seeking to produce knowledge based on universal theories or explanations. MES, thus, increasingly occupied a diminishing space in social sciences in favor of a humanistic turn toward cultural and linguistic approaches (9). This, according to Shami and Miller-Idriss was not simply a matter of intel- lectual skepticism, but rather a reflection of deliberate attempts at siphon- ing social scientists from universities, narrowing knowledge to specific agenda-settings, and limiting space for alternative perspectives. Due to the perceived ‘anti-Americanism’ of MES, in good measure emanating from claims about Edward Said’s “pernicious influence,” the field has increasingly come under siege through federal monitoring, campus watch, scrutiny of scholars exchanges, and funding restrictions (10). Problematizing the context of MES in such terms helps frame the ap- proach of this study around three main themes that comprise the three parts of the book and its eleven chapters. These include the relationship be- tween MES and other social science disciplines, reconfigurations, and new emphases in MES focusing on university restructuring, language training and scholarly trends, and the politics of knowledge as they relate specifical- ly to the many crises in the Middle East (11). Part I, titled “Disciplines and its Boundaries,” comprises four chap- ters, which highlight the interdisciplinary nature of area studies as a sub- field within the entire “problem-solving” structure of social sciences. This tendency distinguished area studies from earlier Orientalist/civilizational scholarly traditions. The four chapters in Part I cover the relationship be- tween area studies and political science (Lisa Wedeen), sociology (Reshat Kasaba), economics (Karen Pfeifer), and geography (Amy Mills and Timur Hammond). Together, they demonstrate how the privileged discipline or “prestige area” for theorizing reflects a different relationship with area studies depending on the discipline’s definition of the “universal” (11). Wedeen challenges positivist/methodological claims about the separation of fact and value, and the unification of liberalism and science in such a fashion as to render the subfield of American studies a standard universal “nonarea”, reflecting American exceptionalism (12). Kasaba examines the historically cyclical relationship between sociology and area studies “as a push-and-pull reaction to particular political imperatives,” related to how social sciences and American foreign policy have been intertwined since WWII (12). Pfeifer focuses on how international financial institutions have shaped much of western economists’ approaches to the Middle East region, entrenching neoclassical economic ideas associated with stabilization, lib- eralization, and privatization (13). Mills and Hammond examine the “spa- tial turn” in area studies, and how spatial methodologies have provided for a means to understand the broad socio-economic and political dynamics that have served to shape the Middle East. They point also to the interdisci- plinary nature of spatial studies that could very well transform area studies by linking the region to its global context (14-15). Part II, titled “Middle East Studies and the University,” comprises four chapters by Jonathan Z. Friedman and Cynthia Miller-Idriss, Elizabeth An- derson Worden and Jeremy M. Browne, Laura Bier, and Charles Kurzman and Carl W. Ernst. These chapters highlight how knowledge about the Middle East are produced through changing institutional structures and architectures, particularly in relation to the rise of “the global” as a major organizational form within American universities. They also focus on the “capacities” needed to produce a new generation of qualified specialists ca- pable of dealing with profound regional changes that would also require dif- ferent policy and educational approaches (15). Friedman and Miller-Idriss look at the Hagop Kevorkian Center for Near Eastern Studies at New York University (NYU) in order to investigate how area studies centers as well as universities are to transform themselves into global institutions. They point to two separate but coexisting logics of internationalization: that of the specialist with deeper knowledge of the area, and the cosmopolitan who emphasizes breadth in global experience in order to produce the ‘global citizen’ (15-16). Worden and Browne focus on reasons why it was difficult for American institutions to produce proficient Arabic language speakers in significant numbers. They offer an explanation in terms of structural and cultural factors related to time constraints that graduate students face in or- der to learn the language, the relative lower status of language instructors, the devaluation of language learning by some social sciences disciplines, and, for all practical purposes, the difficulty of learning Arabic. Bier ana- lyzes PhD dissertations concerned with the Middle East across six social sciences disciplines (political science, sociology, anthropology, economics, history and MES) during the period 2000-2010, focusing on their themes, topics and methods (253). She points out that neoliberalism and what is termed the ‘Washington Consensus’ have come to dominate political sci- ence, sociology and economics, while issues of identity, gender, colonial- ism, the nation, and Islam dominate in anthropology, history, and MES. Kurzman and Ernst go beyond Bier’s thematic approach to highlight the renewed and significant institutional growth of interest in Islamic studies for national security concerns. They point as well to the encouragement offered by a number of universities to promote cross-regional approaches, not constrained by narrower definitions of distinct regions, although they also raise the problem of lack of adequate federal funding for such purpos- es. Part III, titled “the Politics of Knowledge,” comprises three chapters by Seteney Sami and Marcial Godoy-Anativia, Ussama Makdisi, and Irene Gendzier; and an ‘Afterward’ by Lisa Anderson. These chapters examine not only the production of knowledge but also how knowledge is frequently silenced by forces that “structure and restrict freedom of speech, censor- ship and self-censorship”—the so-called “chilling effects” (19). Sami and Godoy-Anativia examine the themes of campus watch or surveillance and public criticism of MES, especially after the 9/11 events of 2001, and their impact on academia and “institutional architectures” as knowledge is secu- ritized and “privatized” (19). Makdisi and Gendzier question how Ameri- can scholarship about the region has changed over time, yet almost always highly charged and politicized in large measure due to the Arab-Zionist/ Israeli conflict (20-21). Despite moves toward more critical and postna- tionalist approaches, Makdisi emphasizes that overall academic freedom has nevertheless been curtailed. Genzier, in turn, points to how “ignorance has [come to have] strategic value,” as “caricatured images” pass for anal- ysis (21-22). Finally, given the securitization and other intimidating mea- sures undertaken around campuses and universities, Anderson concludes that the state of a “beleaguered” (442) MES is deplorable, describing it as “demoralized, lacking academic freedom and reliable research data, and function in a general climate of repression, neglect and isolation” (22, 442). This important book—with extensive bibliographies in each chapter and its detailed exploration of the state of the field of United States MES in the twenty-first century—stands as a reference source for all interested in Middle East studies. “Infrastructures for Knowledge” could have made for a provocative main title of this work, in reference to the production of knowledge on the Middle East and the reproduction of new generations of Middle Eastern specialists. Its most salient aspect is that it highlights and underscores the formal and informal authoritarian and securitization mea- sures adopted by US federal agencies as well as universities to set effective restrictions on what can or cannot be said and/or taught about MES, both in academic institutions and in the media. In addition to the proliferation of both private and public watchdogs monitoring how MES is being taught on campuses, the establishment since 2003 of twelve Homeland Security Centers of Excellence at six universities (with grants totaling about 100 million dollars) is indicative of the scale of intrusive measures (101). The broader problem is that such infringements do not take place only in US universities. Given that county’s totalizing and vested interests in influenc- ing how knowledge is produced and consumed globally, not least in and about the Middle East, the extent of its hegemonic control in that region can only be surmised. Amr G.E. SabetDepartment of Political ScienceDalarna University, Falun, Sweden

Middle East Studies for the New Millennium sheds light on the trials and tribulations of Middle East area studies in the highly charged and politi- cized context of American academia and broader US policy. In this respect, it is an important exposition of how American universities produce knowl- edge about different world regions (ix). The study is the outcome of a research project that spanned a period of nearly fifteen years since 2000. The introductory chapter, by book editors Shami and Miller-Idriss and titled “The Many Crises of Middle East Stud- ies” (MES), refers to the contextual status of the field and relates its ‘crises’ to an American setting in which knowledge and power are intrinsically, even if not always clearly, juxtaposed. Shami and Miller-Idriss point out that three main institutional actors define the politics of the field: univer- sities, federal government, and private philanthropic foundations (8). The role of the US federal government in producing knowledge, the relation- ship between knowledge and power, and ways of knowing about ‘other’ cultures and places has long been a source and subject of numerous debates and controversies (1), but the authors problematize it in terms of the “se- curitization of academic knowledge in the name of ‘national interest,’ the challenges arising out of the possibilities of unbounded, transnational fields of scholarship and the future of the university as an institution” (2). The MES also faced an additional crisis as a growing number of social scientists came to perceive it as too focused on in-depth studying of areas instead of seeking to produce knowledge based on universal theories or explanations. MES, thus, increasingly occupied a diminishing space in social sciences in favor of a humanistic turn toward cultural and linguistic approaches (9). This, according to Shami and Miller-Idriss was not simply a matter of intel- lectual skepticism, but rather a reflection of deliberate attempts at siphon- ing social scientists from universities, narrowing knowledge to specific agenda-settings, and limiting space for alternative perspectives. Due to the perceived ‘anti-Americanism’ of MES, in good measure emanating from claims about Edward Said’s “pernicious influence,” the field has increasingly come under siege through federal monitoring, campus watch, scrutiny of scholars exchanges, and funding restrictions (10). Problematizing the context of MES in such terms helps frame the ap- proach of this study around three main themes that comprise the three parts of the book and its eleven chapters. These include the relationship be- tween MES and other social science disciplines, reconfigurations, and new emphases in MES focusing on university restructuring, language training and scholarly trends, and the politics of knowledge as they relate specifical- ly to the many crises in the Middle East (11). Part I, titled “Disciplines and its Boundaries,” comprises four chap- ters, which highlight the interdisciplinary nature of area studies as a sub- field within the entire “problem-solving” structure of social sciences. This tendency distinguished area studies from earlier Orientalist/civilizational scholarly traditions. The four chapters in Part I cover the relationship be- tween area studies and political science (Lisa Wedeen), sociology (Reshat Kasaba), economics (Karen Pfeifer), and geography (Amy Mills and Timur Hammond). Together, they demonstrate how the privileged discipline or “prestige area” for theorizing reflects a different relationship with area studies depending on the discipline’s definition of the “universal” (11). Wedeen challenges positivist/methodological claims about the separation of fact and value, and the unification of liberalism and science in such a fashion as to render the subfield of American studies a standard universal “nonarea”, reflecting American exceptionalism (12). Kasaba examines the historically cyclical relationship between sociology and area studies “as a push-and-pull reaction to particular political imperatives,” related to how social sciences and American foreign policy have been intertwined since WWII (12). Pfeifer focuses on how international financial institutions have shaped much of western economists’ approaches to the Middle East region, entrenching neoclassical economic ideas associated with stabilization, lib- eralization, and privatization (13). Mills and Hammond examine the “spa- tial turn” in area studies, and how spatial methodologies have provided for a means to understand the broad socio-economic and political dynamics that have served to shape the Middle East. They point also to the interdisci- plinary nature of spatial studies that could very well transform area studies by linking the region to its global context (14-15). Part II, titled “Middle East Studies and the University,” comprises four chapters by Jonathan Z. Friedman and Cynthia Miller-Idriss, Elizabeth An- derson Worden and Jeremy M. Browne, Laura Bier, and Charles Kurzman and Carl W. Ernst. These chapters highlight how knowledge about the Middle East are produced through changing institutional structures and architectures, particularly in relation to the rise of “the global” as a major organizational form within American universities. They also focus on the “capacities” needed to produce a new generation of qualified specialists ca- pable of dealing with profound regional changes that would also require dif- ferent policy and educational approaches (15). Friedman and Miller-Idriss look at the Hagop Kevorkian Center for Near Eastern Studies at New York University (NYU) in order to investigate how area studies centers as well as universities are to transform themselves into global institutions. They point to two separate but coexisting logics of internationalization: that of the specialist with deeper knowledge of the area, and the cosmopolitan who emphasizes breadth in global experience in order to produce the ‘global citizen’ (15-16). Worden and Browne focus on reasons why it was difficult for American institutions to produce proficient Arabic language speakers in significant numbers. They offer an explanation in terms of structural and cultural factors related to time constraints that graduate students face in or- der to learn the language, the relative lower status of language instructors, the devaluation of language learning by some social sciences disciplines, and, for all practical purposes, the difficulty of learning Arabic. Bier ana- lyzes PhD dissertations concerned with the Middle East across six social sciences disciplines (political science, sociology, anthropology, economics, history and MES) during the period 2000-2010, focusing on their themes, topics and methods (253). She points out that neoliberalism and what is termed the ‘Washington Consensus’ have come to dominate political sci- ence, sociology and economics, while issues of identity, gender, colonial- ism, the nation, and Islam dominate in anthropology, history, and MES. Kurzman and Ernst go beyond Bier’s thematic approach to highlight the renewed and significant institutional growth of interest in Islamic studies for national security concerns. They point as well to the encouragement offered by a number of universities to promote cross-regional approaches, not constrained by narrower definitions of distinct regions, although they also raise the problem of lack of adequate federal funding for such purpos- es. Part III, titled “the Politics of Knowledge,” comprises three chapters by Seteney Sami and Marcial Godoy-Anativia, Ussama Makdisi, and Irene Gendzier; and an ‘Afterward’ by Lisa Anderson. These chapters examine not only the production of knowledge but also how knowledge is frequently silenced by forces that “structure and restrict freedom of speech, censor- ship and self-censorship”—the so-called “chilling effects” (19). Sami and Godoy-Anativia examine the themes of campus watch or surveillance and public criticism of MES, especially after the 9/11 events of 2001, and their impact on academia and “institutional architectures” as knowledge is secu- ritized and “privatized” (19). Makdisi and Gendzier question how Ameri- can scholarship about the region has changed over time, yet almost always highly charged and politicized in large measure due to the Arab-Zionist/ Israeli conflict (20-21). Despite moves toward more critical and postna- tionalist approaches, Makdisi emphasizes that overall academic freedom has nevertheless been curtailed. Genzier, in turn, points to how “ignorance has [come to have] strategic value,” as “caricatured images” pass for anal- ysis (21-22). Finally, given the securitization and other intimidating mea- sures undertaken around campuses and universities, Anderson concludes that the state of a “beleaguered” (442) MES is deplorable, describing it as “demoralized, lacking academic freedom and reliable research data, and function in a general climate of repression, neglect and isolation” (22, 442). This important book—with extensive bibliographies in each chapter and its detailed exploration of the state of the field of United States MES in the twenty-first century—stands as a reference source for all interested in Middle East studies. “Infrastructures for Knowledge” could have made for a provocative main title of this work, in reference to the production of knowledge on the Middle East and the reproduction of new generations of Middle Eastern specialists. Its most salient aspect is that it highlights and underscores the formal and informal authoritarian and securitization mea- sures adopted by US federal agencies as well as universities to set effective restrictions on what can or cannot be said and/or taught about MES, both in academic institutions and in the media. In addition to the proliferation of both private and public watchdogs monitoring how MES is being taught on campuses, the establishment since 2003 of twelve Homeland Security Centers of Excellence at six universities (with grants totaling about 100 million dollars) is indicative of the scale of intrusive measures (101). The broader problem is that such infringements do not take place only in US universities. Given that county’s totalizing and vested interests in influenc- ing how knowledge is produced and consumed globally, not least in and about the Middle East, the extent of its hegemonic control in that region can only be surmised. Amr G.E. SabetDepartment of Political ScienceDalarna University, Falun, Sweden

This paper aims to portray the overall picture of poverty in the world and mentions the key solution to overcome poverty from a critical perspective. The data and figures were quoted from a number of researchers and organizations in the field of poverty around the world. Simultaneously, the information strengthens the correlations among poverty and lack of education. Only appropriate philosophies of education can improve the country’s socio-economic conditions and contribute to effective solutions to worldwide poverty. In the 21st century, despite the rapid development of science and technology with a series of inventions brought into the world to make life more comfortable, human poverty remains a global problem, especially in developing countries. Poverty, according to Lister (2004), is reflected by the state of “low living standards and/or inability to participate fully in society because of lack of material resources” (p.7). The impact and serious consequences of poverty on multiple aspects of human life have been realized by different organizations and researchers from different contexts (Fraser, 2000; Lister, 2004; Lipman, 2004; Lister, 2008). This paper will indicate some of the concepts and research results on poverty. Figures and causes of poverty, and some solutions from education as a key breaker to poverty will also be discussed. Creating a universal definition of poverty is not simple (Nyasulu, 2010). There are conflicts among different groups of people defining poverty, based on different views and fields. Some writers, according to Nyasulu, tend to connect poverty with social problems, while others focus on political or other causes. However, the reality of poverty needs to be considered from different sides and ways; for that reason, the diversity of definitions assigned to poverty can help form the basis on which interventions are drawn (Ife and Tesoriero, 2006). For instance, in dealing with poverty issues, it is essential to intervene politically; economic intervention is very necessary to any definition of this matter. A political definition necessitates political interventions in dealing with poverty, and economic definitions inevitably lead to economic interventions. Similarly, Księżopolski (1999) uses several models to show the perspectives on poverty as marginal, motivation and socialist. These models look at poverty and solutions from different angles. Socialists, for example, emphasize the responsibilities of social organization. The state manages the micro levels and distributes the shares of national gross resources, at the same time fighting to maintain the narrow gap among classes. In his book, Księżopolski (1999) also emphasizes the changes and new values of charity funds or financial aid from churches or organizations recognized by the Poor Law. Speaking specifically, in the new stages poverty has been recognized differently, and support is also delivered in limited categories related to more specific and visible objectives, with the aim of helping the poor change their own status for sustainable improvement. Three ways of categorizing the poor and locating them in the appropriate places are (1) the powerless, (2) who is willing to work and (3) who is dodging work. Basically, poverty is determined not to belong to any specific cultures or politics; otherwise, it refers to the situation in which people’s earnings cannot support their minimum living standard (Rowntree, 1910). Human living standard is defined in Alfredsson & Eide’s work (1999) as follows: “Everyone has the right to a standard of living adequate for the health and well-being of himself and his family, including food, clothing, housing and medical care and necessary social services, and the right to security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond his control.” (p. 524). In addition, poverty is measured by Global Hunger Index (GHI), which is calculated by the International Food Policy Institute (IFPRI) every year. The GHI measures hunger not only globally, but also by country and region. To have the figures multi-dimensionally, the GHI is based on three indicators: 1. Undernourishment: the proportion of the undernourished as a percentage of the population (reflecting the share of the population with insufficient calorie intake). 2. Child underweight: the proportion of children under age 5 who are underweight (low weight for their age, reflecting wasting, stunted growth or both), which is one indicator of child under-nutrition. 3. Child mortality: the mortality rate of children under 5 (partially reflecting the fatal synergy of inadequate dietary intake and unhealthy environments). Apart from the individual aspects and the above measurement based on nutrition, which help partly imagine poverty, poverty is more complicated, not just being closely related to human physical life but badly affecting spiritual life. According to Jones and Novak (1999 cited in Lister, 2008), poverty not only characterizes the precarious financial situation but also makes people self-deprecating. Poverty turns itself into the roots of shame, guilt, humiliation and resistance. It leads the poor to the end of the road, and they will never call for help except in the worst situations. Education can help people escape poverty or make it worse. In fact, inequality in education has stolen opportunity for fighting poverty from people in many places around the world, in both developed and developing countries (Lipman, 2004). Lipman confirms: “Students need an education that instills a sense of hope and possibility that they can make a difference in their own family, school, and community and in the broader national and global community while it prepare them for multiple life choices.” (p.181) Bradshaw (2005) synthesizes five main causes of poverty: (1) individual deficiencies, (2) cultural belief systems that support subcultures of poverty, (3) economic, political and social distortions or discrimination, (4) geographical disparities and (5) cumulative and cyclical interdependencies. The researcher suggests the most appropriate solution corresponding with each cause. This reflects the diverse causes of poverty; otherwise, poverty easily happens because of social and political issues. From the literature review, it can be said that poverty comes from complex causes and reasons, and is not a problem of any single individual or country. Poverty has brought about serious consequences and needs to be dealt with by many methods and collective effort of many countries and organizations. This paper will focus on representing some alarming figures on poverty, problems of poverty and then the education as a key breaker to poverty. According to a statistics in 2012 on poverty from the United Nations Development Program (UNDP), nearly half the world's population lives below the poverty line, of which is less than $1.25 a day . In a statistics in 2015, of every 1,000 children, 93 do not live to age 5 , and about 448 million babies are stillborn each year . Poverty in the world is happening alarmingly. According to a World Bank study, the risk of poverty continues to increase on a global scale and, of the 2009 slowdown in economic growth, which led to higher prices for fuel and food, further pushed 53 million people into poverty in addition to almost 155 million in 2008. From 1990 to 2009, the average GHI in the world decreased by nearly one-fifth. Many countries had success in solving the problem of child nutrition; however, the mortality rate of children under 5 and the proportion of undernourished people are still high. From 2011 to 2013, the number of hungry people in the world was estimated at 842 million, down 17 percent compared with the period 1990 to 1992, according to a report released by the Food and Agriculture Organization of the United Nations (FAO) titled “The State of Food Insecurity in the World 2013” . Although poverty in some African countries had been improved in this stage, sub-Saharan Africa still maintained an area with high the highest percentage of hungry people in the world. The consequences and big problems resulting from poverty are terrible in the extreme. The following will illustrate the overall picture under the issues of health, unemployment, education and society and politics ➢ Health issues: According a report by Manos Unidas, a non- government organization (NGO) in Spain , poverty kills more than 30,000 children under age 5 worldwide every day, and 11 million children die each year because of poverty. Currently, 42 million people are living with HIV, 39 million of them in developing countries. The Manos Unidas report also shows that 15 million children globally have been orphaned because of AIDS. Scientists predict that by 2020 a number of African countries will have lost a quarter of their population to this disease. Simultaneously, chronic drought and lack of clean water have not only hindered economic development but also caused disastrous consequences of serious diseases across Africa. In fact, only 58 percent of Africans have access to clean water; as a result, the average life expectancy in Africa is the lowest in the world, just 45 years old (Bui, 2010). ➢ Unemployment issues: According to the United Nations, the youth unemployment rate in Africa is the highest in the world: 25.6 percent in the Middle East and North Africa. Unemployment with growth rates of 10 percent a year is one of the key issues causing poverty in African and negatively affecting programs and development plans. Total African debt amounts to $425 billion (Bui, 2010). In addition, joblessness caused by the global economic downturn pushed more than 140 million people in Asia into extreme poverty in 2009, the International Labor Organization (ILO) warned in a report titled The Fallout in Asia, prepared for the High-Level Regional Forum on Responding to the Economic Crisis in Asia and the Pacific, in Manila from Feb. 18 to 20, 2009 . Surprisingly, this situation also happens in developed countries. About 12.5 million people in the United Kingdom (accounting for 20 percent of the population) are living below the poverty line, and in 2005, 35 million people in the United States could not live without charity. At present, 620 million people in Asia are living on less than $1 per day; half of them are in India and China, two countries whose economies are considered to be growing. ➢ Education issues: Going to school is one of the basic needs of human beings, but poor people cannot achieve it. Globally, 130 million children do not attend school, 55 percent of them girls, and 82 million children have lost their childhoods by marrying too soon (Bui, 2010). Similarly, two-thirds of the 759 million illiterate people in total are women. Specifically, the illiteracy rate in Africa keeps increasing, accounting for about 40 percent of the African population at age 15 and over 50 percent of women at age 25. The number of illiterate people in the six countries with the highest number of illiterate people in the world - China, India, Indonesia, Brazil, Bangladesh and Egypt - reached 510 million, accounting for 70 percent of total global illiteracy. ➢ Social and political issues: Poverty leads to a number of social problems and instability in political systems of countries around the world. Actually, 246 million children are underage labors, including 72 million under age 10. Simultaneously, according to an estimate by the United Nations (UN), about 100 million children worldwide are living on the streets. For years, Africa has suffered a chronic refugee problem, with more than 7 million refugees currently and over 200 million people without homes because of a series of internal conflicts and civil wars. Poverty threatens stability and development; it also directly influences human development. Solving the problems caused by poverty takes a lot of time and resources, but afterward they can focus on developing their societies. Poverty has become a global issue with political significance of particular importance. It is a potential cause of political and social instability, even leading to violence and war not only within a country, but also in the whole world. Poverty and injustice together have raised fierce conflicts in international relations; if these conflicts are not satisfactorily resolved by peaceful means, war will inevitably break out. Obviously, poverty plus lack of understanding lead to disastrous consequences such as population growth, depletion of water resources, energy scarcity, pollution, food shortages and serious diseases (especially HIV/AIDS), which are not easy to control; simultaneously, poverty plus injustice will cause international crimes such as terrorism, drug and human trafficking, and money laundering. Among recognizable four issues above which reflected the serious consequences of poverty, the third ones, education, if being prioritized in intervention over other issues in the fighting against poverty is believed to bring more effectiveness in resolving the problems from the roots. In fact, human being with the possibility of being educated resulted from their distinctive linguistic ability makes them differential from other beings species on the earth (Barrow and Woods 2006, p.22). With education, human can be aware and more critical with their situations, they are aimed with abilities to deal with social problems as well as adversity for a better life; however, inequality in education has stolen opportunity for fighting poverty from unprivileged people (Lipman, 2004). An appropriate education can help increase chances for human to deal with all of the issues related to poverty; simultaneously it can narrow the unexpected side-effect of making poverty worse. A number of philosophies from ancient Greek to contemporary era focus on the aspect of education with their own epistemology, for example, idealism of Plato encouraged students to be truth seekers and pragmatism of Dewey enhanced the individual needs of students (Gutex, 1997). Education, more later on, especially critical pedagogy focuses on developing people independently and critically which is essential for poor people to have ability of being aware of what they are facing and then to have equivalent solutions for their problems. In other words, critical pedagogy helps people emancipate themselves and from that they can contribute to transform the situations or society they live in. In this sense, in his most influential work titled “Pedagogy of the Oppressed” (1972), Paulo Freire carried out his critical pedagogy by building up a community network of peasants- the marginalized and unprivileged party in his context, aiming at awakening their awareness about who they are and their roles in society at that time. To do so, he involved the peasants into a problem-posing education which was different from the traditional model of banking education with the technique of dialogue. Dialogue wasn’t just simply for people to learn about each other; but it was for figuring out the same voice; more importantly, for cooperation to build a social network for changing society. The peasants in such an educational community would be relieved from stressfulness and the feeling of being outsiders when all of them could discuss and exchange ideas with each other about the issues from their “praxis”. Praxis which was derived from what people act and linked to some values in their social lives, was defined by Freire as “reflection and action upon the world in order to transform it” (p.50). Critical pedagogy dialogical approach in Pedagogy of the Oppressed of Freire seems to be one of the helpful ways for solving poverty for its close connection to the nature of equality. It doesn’t require any highly intellectual teachers who lead the process; instead, everything happens naturally and the answers are identified by the emancipation of the learners themselves. It can be said that the effectiveness of this pedagogy for people to escape poverty comes from its direct impact on human critical consciousness; from that, learners would be fully aware of their current situations and self- figure out the appropriate solutions for their own. In addition, equality which was one of the essences making learners in critical pedagogy intellectually emancipate was reflected via the work titled “The Ignorant Schoolmaster” by Jacques Rancière (1991). In this work, the teacher and students seemed to be equal in terms of the knowledge. The explicator- teacher Joseph Jacotot employed the interrogative approach which was discovered to be universal because “he taught what he didn’t know”. Obviously, this teacher taught French to Flemish students while he couldn’t speak his students’ language. The ignorance which was not used in the literal sense but a metaphor showed that learners can absolutely realize their capacity for self-emancipation without the traditional teaching of transmission of knowledge from teachers. Regarding this, Rancière (1991, p.17) stated “that every common person might conceive his human dignity, take the measure of his intellectual capacity, and decide how to use it”. This education is so meaningful for poor people by being able to evoking their courageousness to develop themselves when they always try to stay away from the community due the fact that poverty is the roots of shame, guilt, humiliation and resistance (Novak, 1999). The contribution of critical pedagogy to solving poverty by changing the consciousness of people from their immanence is summarized by Freire’s argument in his “Pedagogy of Indignation” as follows: “It is certain that men and women can change the world for the better, can make it less unjust, but they can do so from starting point of concrete reality they “come upon” in their generation. They cannot do it on the basis of reveries, false dreams, or pure illusion”. (p.31) To sum up, education could be an extremely helpful way of solving poverty regarding the possibilities from the applications of studies in critical pedagogy for educational and social issues. Therefore, among the world issues, poverty could be possibly resolved in accordance with the indigenous people’s understanding of their praxis, their actions, cognitive transformation, and the solutions with emancipation in terms of the following keynotes: First, because the poor are powerless, they usually fall into the states of self-deprecation, shame, guilt and humiliation, as previously mentioned. In other words, they usually build a barrier between themselves and society, or they resist changing their status. Therefore, approaching them is not a simple matter; it requires much time and the contributions of psychologists and sociologists in learning about their aspirations, as well as evoking and nurturing the will and capacities of individuals, then providing people with chances to carry out their own potential for overcoming obstacles in life. Second, poverty happens easily in remote areas not endowed with favorable conditions for development. People there haven’t had a lot of access to modern civilization; nor do they earn a lot of money for a better life. Low literacy, together with the lack of healthy forms of entertainment and despair about life without exit, easily lead people into drug addiction, gambling and alcoholism. In other words, the vicious circle of poverty and powerlessness usually leads the poor to a dead end. Above all, they are lonely and need to be listened to, shared with and led to escape from their states. Community meetings for exchanging ideas, communicating and immediate intervening, along with appropriate forms of entertainment, should be held frequently to meet the expectations of the poor, direct them to appropriate jobs and, step by step, change their favorite habits of entertainment. Last but not least, poor people should be encouraged to participate in social forums where they can both raise their voices about their situations and make valuable suggestions for dealing with their poverty. Children from poor families should be completely exempted from school fees to encourage them to go to school, and curriculum should also focus on raising community awareness of poverty issues through extracurricular and volunteer activities, such as meeting and talking with the community, helping poor people with odd jobs, or simply spending time listening to them. Not a matter of any individual country, poverty has become a major problem, a threat to the survival, stability and development of the world and humanity. Globalization has become a bridge linking countries; for that reason, instability in any country can directly and deeply affect the stability of others. The international community has been joining hands to solve poverty; many anti-poverty organizations, including FAO (Food and Agriculture Organization), BecA (the Biosciences eastern and central Africa), UN-REDD (the United Nations Programme on Reducing Emissions from Deforestation and Forest Degradation), BRAC (Building Resources Across Communities), UNDP (United Nations Development Programme), WHO (World Health Organization) and Manos Unidas, operate both regionally and internationally, making some achievements by reducing the number of hungry people, estimated 842 million in the period 1990 to 1992, by 17 percent in 2011- to 2013 . The diverse methods used to deal with poverty have invested billions of dollars in education, health and healing. The Millennium Development Goals set by UNDP put forward eight solutions for addressing issues related to poverty holistically: 1) Eradicate extreme poverty and hunger. 2) Achieve universal primary education. 3) Promote gender equality and empower women. 4) Reduce child mortality. 5) Improve maternal health. 6) Combat HIV/AIDS, malaria and other diseases. 7) Ensure environmental sustainability. 8) Develop a global partnership for development. Although all of the mentioned solutions carried out directly by countries and organizations not only focus on the roots of poverty but break its circle, it is recognized that the solutions do not emphasize the role of the poor themselves which a critical pedagogy does. More than anyone, the poor should have a sense of their poverty so that they can become responsible for their own fate and actively fight poverty instead of waiting for help. It is not different from the cores of critical theory in solving educational and political issues that the poor should be aware and conscious about their situation and reflected context. It is required a critical transformation from their own praxis which would allow them to go through a process of learning, sharing, solving problems, and leading to social movements. This is similar to the method of giving poor people fish hooks rather than giving them fish. The government and people of any country understand better than anyone else clearly the strengths and characteristics of their homelands. It follows that they can efficiently contribute to causing poverty, preventing the return of poverty, and solving consequences of the poverty in their countries by many ways, especially a critical pedagogy; and indirectly narrow the scale of poverty in the world. In a word, the wars against poverty take time, money, energy and human resources, and they are absolutely not simple to end. Again, the poor and the challenged should be educated to be fully aware of their situation to that they can overcome poverty themselves. They need to be respected and receive sharing from the community. All forms of discrimination should be condemned and excluded from human society. When whole communities join hands in solving this universal problem, the endless circle of poverty can be addressed definitely someday. More importantly, every country should be responsible for finding appropriate ways to overcome poverty before receiving supports from other countries as well as the poor self-conscious responsibilities about themselves before receiving supports from the others, but the methods leading them to emancipation for their own transformation and later the social change.

Abstract In this paper, we aim to analyze whether the effect of fiscal policy on economic growth in Algeria differs throughout the business cycle. To tackle this question, we use a Markov Switching Vector Autoregressive (MSVAR) framework. We find evidence of asymmetric effects of fiscal policy through regimes, defined by the state of the business cycle (recession and boom). The results show small positive government spending and revenue multipliers in the short term in both regimes. Most importantly, fiscal policy shocks have a stronger impact in times of economic recession than in times of expansion, which confirm the hypothesis of asymmetric effects. However, the impact of government spending is stronger than the impact of public revenue during recession periods. In addition, fiscal policy decision-makers interact with Anti-Keynesian view (pro-cyclical). Our results imply that there is something to gain by using the "right instrument" at the "right time".

AbstractThe literature presents mixed findings regarding the economic conditions under which cartels form and collapse, and regarding how stable they are across firm-specific and industry-wide business cycles. The relationship between cartel life cycles and business cycles has been insufficiently analyzed to date. In this paper, we study in depth whether collusion is pro-cyclical or counter-cyclical. We analyze the relationship between cartel start-ups/break ups and economic cycles using a dataset of sanctioned cartels by the European Commission (EC) that were active between 1997 and 2018, after the leniency program had already been introduced. We also double check whether this relationship has changed with respect to the pre-leniency period from 1991 to 1996. Our results show that cartels are more likely to be formed when the business has evolved positively in the previous months, and cartels are less likely to collapse when the business has evolved positively, and managers expect prices to decline. The EC’s sanctioning activity has been an effective deterrent and has had a destabilizing effect on cartels. However we found no evidence that managers’ expectations on prices affect cartel formation. All these results are an important issue for anti-cartel policy enforcement since knowing when cartels are more prone or less likely to occur would help authorities prevent their formation or their early detection.

Trade volume growth in 2017, the strongest since 2011, was driven mainly by cyclical factors, particularly increased investment and consumption expenditure. The WTO is forecasting that global trade will expand in the coming years. The promising situation in international trade largely depends on the sustainability of global economic growth and the decisions of the largest countries’ governments regarding monetary, fiscal and especially trade policies. High uncertainty is associated with the implementation of negative scenarios in the event that some countries will apply protectionist measures and restrictive trade policy. Rising protectionism is a trend that has been strengthening in international trade for more than ten years. A new wave of protectionism was linked to the global financial and economic crisis. The recent steps taken by the United States administration to decrease trade deficit with the key partners, China in particular, are the most vivid example in this respect. Protectionism is reflected not only in the form of the introduction of tariff restrictions. Since the beginning of the 2000s, the role of non-tariff measures has grown significantly in the context of reducing tariff barriers in accordance with the WTO obligations and the rapid development of regional trade agreements. This article analyzes the dynamics and structure of non-tariff measures used in modern international trade and shows their relationship with the reduction of tariff restrictions and the development of preferential trade agreements. A similar analysis is done on the anti-dumping measures as one of the most common instruments of non-tariff regulation of international trade.

Статья посвящена рассмотрению особенностей управления общественными финансами в парадигме устойчивого развития и влияния на социальные, экономические и экологические процессы в государстве. Концепция устойчивого развития была впервые рассмотрена в 1987 г., но в большинстве стран мира формирование социально-экономической политики на принципах устойчивости связано с принятием глобального документа «Цели в области устойчивого развития» (англ. Sustainable Development Goals). Швейцария является одной из стран, которая на законодательном уровне закрепила достижение устойчивого развития как национальную цель, реализуемую в рамках деятельности всех субъектов хозяйствования, в том числе в сфере управления общественными финансами. Посредством принятия Стратегии устойчивого развития осуществляется интеграция международных приоритетов развития в систему стратегического управления Швейцарии, которая затрагивает все уровни бюджетной системы. При формировании и изменении данного документа применяются трёхмерная модель устойчивого развития и модель основного капитала, суть которых раскрыта в статье. В ходе исследования было выявлено, что за период 2000–2020 гг. Швейцарии удалось повысить уровень устойчивости общественных финансов, а также социальную ориентированность: существенно снизились доля уровня государственного долга и объема дефицита федерального бюджета по отношению к ВВП, наблюдался рост доли расходов на социальное обеспечение, науку и образование. Применяемые меры контрциклической политики позволяют балансировать сальдо бюджетов бюджетной системы Швейцарии посредством установления бюджетных ограничений на размер расходной части, на которые оказывают влияние совокупность внешних и внутренних факторов. Текущий кризис, вызванный новой волной коронавирусной инфекции, отразился на финансовом результате федерального бюджета по итогам 2020 г. и изменил плановые показатели до 2024 г. В заключительной части проведен сравнительный анализ систем стратегического управления Швейцарии и России, выявлены проблемы отечественной системы. Обоснована возможность применения в российской практике швейцарских моделей с учётом особенностей нашей страны. Ключевые слова: устойчивое развитие, общественные финансы, стратегия развития, цели устойчивого развития, национальные цели, стратегические документы, показатели федерального бюджета, Швейцария, трёхмерная модель, модель основного капитала, социальная политика, государственный долг, инвестиционная активность, расходные обязательства, дефицит бюджета, контрциклическая политика, структурный дефицит, циклический дефицит, государственный внебюджетный фонд, государственные программы. Abstract. The article discusses features of public finance management in the paradigm of sustainable development and impact on social, economic and environmental processes in the state. The Sustainable development concept was first considered in 1987, but the formation of social and economic policies based on the principles of sustainability is associated with the adoption of the global document "Sustainable Development Goals" in most countries of the world. Switzerland is one of the countries that has enshrined the achievement of sustainable development as a national goal at the legislative level. This goal is implemented in all incorporated and unincorporated businesses activities, including in the field of public finance management. Through the adoption of the Sustainable Development Strategy, international development priorities are being integrated into Switzerland's strategic management system, which affects all the budgetary system levels. During forming and changing this document, a three-dimensional model of sustainable development and a model of fixed capital are used, the essence of which is disclosed in the article. The article analyses that Switzerland had to increase the level of public fi-nances stability, as well as social orientation in 2000–2020: the share of the level of public debt and the volume of the federal budget deficit in relation to GDP has decreased significantly, and the share of spending on social security, science and education has grown. The applied countercyclical policy measures allow balancing the budget balance of the Swiss budgetary system by setting budgetary restrictions on the expenditure, which is influenced by a combination of external and internal factors. The current crisis caused by the new coronavirus infection is affecting the federal budget financial results of the current year and changing the planned targets until 2024. As a result of the study, the authors make comparative analysis of the Swiss and Russian strategic management systems, and identify problems of the domestic system. The possibility of implementing Swiss models in Russian practice are demonstrated taking into account the special aspects of our country. Keywords: sustainable development, public finance, development strategy, sustainable development goals, national goals, strategic documents, budget target, Switzerland, three-dimensional model, fixed capital model, social policy, public debt, investment activity, expenditure commitments, budget deficit, anti-cyclical policy, structural deficit, cyclical deficit, state non-budgetary fund, government programs.