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1
Malik, Muhammad Hussain, and Attiya Yasmin. "Instability of Federal Government Revenues and Expenditures in Pakistan." Pakistan Development Review 26, no. 4 (December 1, 1987): 501–11. http://dx.doi.org/10.30541/v26i4pp.501-511.
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As in many other countries, in Pakistan too, the government provides a number of social goods and services. For this purpose, the government has to spend huge amounts of money every year. Federal government expenditures in real terms have grown at an annual average rate of 8.84 percent during the past fifteen years. Also, the share of the federal government expenditures in GNP has increased from 20.93 percent in 1971-72 to 25.19 percent in 1985-86. The main component of the federal government expenditures is of the recurrent type and is devoted to defence, civil administration, debt servicing, health, education, roads, and other such services. At present, the level of social goods and services provided by the government is not considered satisfactory. Moreover, public demand for them is on the increase due to an increasing population growth rate and rising standards of living in the country. The government needs resources to meet the public demands for its goods and services and to fulfill the development requirements of the country. For this purpose, the government generates revenue through various taxes and tapping other revenue sources. It is important that these taxes and other revenue sources yield a stable revenue over time. If there are large year to year fluctuations in revenue, it becomes very difficult for the government to meet its inflexible obligations and to implement development plans. Stability of revenues, therefore, becomes very important for fiscal management and development planning.
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., Sugiartiningsih, Hesty Juny, Ignatius Oki, Tria Apriliana, and Muhammad Ali. "Influence of Tax, Unemployment and Political Instability to Indonesia Government Expenditures 1988-2016 Period." International Journal of Engineering & Technology 7, no. 4.34 (December 13, 2018): 235. http://dx.doi.org/10.14419/ijet.v7i4.34.23897.
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This study aims to determine the effect of taxes, unemployment and political instability on Indonesian government spending. The research method used in this study is descriptive analysis method because it is to find out the third causal relationship of independent variables on Indonesian government expenditure. The model is built multiple regression with secondary data boundaries from 1988 to 2016. Based on the results of calculations, the results of a positive relationship between tax and political instability of Indonesian government expenditure are obtained. While, unemployment has a negative relationship to Indonesian government spending. The main factor is the condition of Indonesian unemployment is high, starting from junior high school, vocational high school and even university level. While the government is trying to overcome it, it has not been optimally because of the obstacles in the village and in the city. On the contrary, tax and strong political instability after the reform of Indonesian government spending.
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Anaman, Kwabena Asomanin, and Irene Susana Egyir. "Economic Shocks and the Growth of the Construction Industry in Ghana Over the 50-Year Period From 1968 to 2017." Research in World Economy 10, no. 1 (June 9, 2019): 1. http://dx.doi.org/10.5430/rwe.v10n1p1.
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The study analyses the relationship between the growth of the construction industry and economic shocks in Ghana over the 50-year period from 1968 to 2017 using an autoregressive modelling scheme that incorporates several economic shocks as separate independent variables. The independent variables used in the model included one positive economic shock and five negative shock variables. The positive shock variable was the sharply increased government expenditures on construction activities in selected years that allowed the government to host international events in Ghana within a period of two years. The five adverse economic shocks included in the model were political instability related to military coups, exchange rate depreciation of the local currency, Ghana cedi, with respect to the United States dollar, the average yearly temperature, aggregate electricity energy production shortfall related to a severe El Nino weather phenomenon, and incidence of extreme rainfall. The results of the analysis indicated that the most important factor influencing the growth of the construction industry in Ghana over the 50-year study period was political instability. Beyond political instability, the next most important factor was the purposely-driven sharp increases in government expenditures on construction activities for selected years that allowed the country to host international events in the country. The other significant economic shocks were the exchange rate depreciation, average temperatures, and electricity energy production shortfall; all three factors adversely affected the growth of the construction industry. The results of our study are generally consistent with those obtained from the literature concerning the positive and negative effects of economic shocks on the construction industry.
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Storonyanska, Iryna, Mariana Melnyk, Lilia Benovska, Natalia Sytnyk, and Oksana Zakhidna. "Economic activity vs generation of local budgets’ revenues: Regional disparities in COVID-19 instability." Public and Municipal Finance 10, no. 1 (September 23, 2021): 94–105. http://dx.doi.org/10.21511/pmf.10(1).2021.08.
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In the last two years, Ukraine and the world have been living in economic instability caused by the COVID-19 pandemic, which has fundamentally changed the trends in global and domestic economies, public and local finance. This study aims to estimate the trends of economic development of Ukrainian regions in the coronavirus crisis and their impact on the local budgets’ tax revenues generation. Main findings show the impact of the COVID-19 crisis on the development of Ukrainian regions is territorially differentiated. It is determined that in quarantine restrictions, the regions were developing under the impact of behavioral and institutional factors. Although a range of enterprises terminated their activities and there was a decline in income from business activities in 2020, the tax revenues of local budgets increased. The growth of tax revenues was accompanied by decreasing interbudgetary transfers and growing expenditures on containing the spread of pandemics and supporting healthcare. Reduced transfers to local budgets from the public budget affected the funding of investment programs of regional development. The abovementioned effects of falling business activity and consumer expenditures of the population along with falling investment can be considered the delayed effects of economic activity curtailment in the short-term period. An intensive increase of public investment that stipulates projects co-funding from budget funds and resources of businesses and establishment of cooperation between public, regional, and local levels of government should become among the primary steps to overcome the negative trends.
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Shaukat, Rubina, Irfan Hussain Khan, Hasan Raza Jafri, and Nighat Hanif. "Relationship between Volatility of Economics Variables and Economics Growth." World Journal of Social Science Research 6, no. 3 (September 2, 2019): p375. http://dx.doi.org/10.22158/wjssr.v6n3p375.
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Economic growth of an economy is defined as the steady state path through which the productivity of an economy is improved and increases the levels of national output and income. The government consumption expenditures and investment play a key role in the process of investigating the macroeconomic performance of an economy and determinants of economic growth. The countries which grow quickly, invest a substantial fraction of their GDP for consumption expenditures as well for the sources which encourage private investment. The objective of this study to calculate the volatility in economics growth in Pakistan. The annual time series data are used from 1975 to 2014 from WDI, Economics survey of Pakistan and Hand Book of Statistics. GARCH model has been used to measure volatility of all variables. The empirical results of the study confirmed that the volatility of the different variables (volatility of inflation, volatility of interest rate, volatility of political instability, volatility of GDP, and volatility of foreign direct investment) significant affect the government consumption expenditures and private investment in the economy of Pakistan. The study analyzed data by using the autoregressive distributive lag model which is mainly used in time series data Econometrics to estimate the non-stationary models with mix order of integration. The estimated results of the study evaluated that volatility of the inflation lead to uncertainty which is also suggested by the Able (1980) and negatively affect the economy consumption expenditures as well as private investment in the economy of Pakistan. Because uncertainty directly affects the cost of capital as well as reduce private investor confidence.
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Bukina, I. S. "Status and Prospects of Federal Budget Sustainability in the New Environment." Federalism 27, no. 4 (January 9, 2023): 142–54. http://dx.doi.org/10.21686/2073-1051-2022-4-142-154.
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The sustainability of the federal budget is currently subject to multiple risks. Despite a temporary increase in oil prices, federal budget revenues are declining rapidly. As correlation analysis has shown, oil and gas revenues of the federal budget become more volatile during structural crises. At the same time, non-oil and gas revenues are declining. The instability of the foreign policy situation and the ongoing military actions greatly increase the risks of increased federal budget expenditures. In the short term, the budget deficit can be covered by the accumulated liquid reserves of the National Welfare Fund. However, in the longterm perspective, the restrictions affecting Russia’s sustainable economic growth will have an impact on the fiscal sphere. The government will have to take unpopular measures to reduce expenditures and raise taxes on the non-oil and gas sector in order to maintain the stability of the public finance system.
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Korompot, Riska, and Jessy Warongan. "ANALYSIS OF FINANCIAL PERFORMANCE IN THE GOVERNMENT OF NORTH SULAWESI." ACCOUNTABILITY 6, no. 2 (October 25, 2017): 9. http://dx.doi.org/10.32400/ja.17755.6.2.2017.9-19.
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The objective of this research was to determine the financial performance of North Sulawesi Provincial Government and was measured from the Independence Ratio, Effectiveness Ratio, Degree of Fiscal Decentralization Ratio, Harmony Ratio, and Growth Ratio. The results showed that the Independence ratio of North Sulawesi Province in 6 years from 2010-2015 has increased and included in the category of Participatory which means it is quite independent and has reduced the level of dependence on external parties and manage the existing funds such as Domestic Revenue as well as describe that the people of North Sulawesi is quite prosperous because it is able to participate in tax payments which is one of the largest regional income. The Effectiveness Ratio of Domestic Revenue shows effective criteria to the Regional Financial Performance, because based on the effectiveness ratio of Domestic Revenue in 6 years of research only last 2 years namely 2014 and 2015 which include in the category of Not Effective which means decreasing on the performance of local government of North Sulawesi province. The Decentralization Degrees for Government of North Sulawesi Province shows that they still has not fully fulfilled the total revenue with they own-source revenue. The Harmony Ratio represents more realization of operating expenditures than capital expenditures, this is not so good especially for developing regions such as North Sulawesi Province. The Growth Ratio shows an unstable number from 2010 to 2015. The instability is caused by the implementation of money follows functions which are considered not optimal yet, so the work that must be done by some Regional Work Unit at the same time according to expertise and the division is not going well.Keywords : regional financial performance, APBD
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Belostotskiy, A. А. "THE ANALYSES OF LATIN AMERICAN COUNTRIES PUBLIC BUDGETS." Proceedings of the Southwest State University 21, no. 1 (February 28, 2017): 95–104. http://dx.doi.org/10.21869/2223-1560-2017-21-1-95-104.
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The article analyzes the formation of the public budgets of Latin American countries in the case of Brazil, Ecuador, Chile, Peru, as well as the effectiveness of the implementation of government programs, contributed to the chronic underfunding, financial instability and external debt increase, since in modern conditions, government financing, aimed to achieve results and high parameters of final results must take into consideration target programmes quality development and improvement, their justification, and implimentation assessment indicators. This study reflects budgetary expenditures in Latin American countries, characterizes state and municipal management and it is considered to be one of the conditions for the social well-being through such indicators as the level of budgetary resources provision and the amount of GDP used and produced per capita. The implementation of the budgeting concept,aimed to achieve results is related to the creation of budget expenditure performance monitoring system, core activities results reports of budget planning entities, the transition to a multi-year budget planning. The article offers beneficial cooperation with the Russian Federation as one of the directions for LAC financial situation improvment, based on the similarity of political views on the issues of a multipolar world, the strengthening the national sovereignty and collaboration in the economic and oil and gas spheres, which will contribute to reduce inflation, individual incomes increase. It will help to make national financial systems more resilient to external threats.
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Fenjan, Karrar Mahdi, and Muhammad Saleh Salman. "The Effectiveness of Indicators of Financial Discipline in Strengthening the Exchange Rate, with a Special Reference to Iraq." Journal of Economics and Administrative Sciences 27, no. 130 (December 1, 2021): 118–41. http://dx.doi.org/10.33095/jeas.v27i130.2198.
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Controlling public expenditures is one of the main objectives of the public budget. The public budget often suffers from a deficit, whether in developed or developing countries, because expenditures are usually greater than the revenues generated. This requires the existence of financial rules that are adhered to by the government, which in turn leads to discipline. Fiscal policy leads to a reduction in the obligations incumbent on the government. Adhering to the financial rules would correct the course of fiscal policy in Iraq, with the need to direct oil revenues in the years of financial abundance when global oil prices rise to sovereign funds similar to other rentier countries, which contributes to maintaining the stability of the exchange rate and reducing dependence on The Central Bank. It performs monetary sterilization operations to sterilize the negative effects resulting from the lack of fiscal policy discipline, which negatively affects the foreign currency reserves and depletes them. The main conclusion reached by the research is that there is a state of financial indiscipline that has negatively affected the Iraqi dinar exchange rate, and that the attempts of the Central Bank of Iraq have partially worked to reduce the negative effects of the expansionary financial policy, and the main recommendation of the research was to work to achieve more discipline in fiscal policy in order to reduce the state of economic instability and mitigate the monetary sterilization policy by The Central Bank and the accompanying depletion of hard currency
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Jabeen, Hafsa, and Ayesha Naz. "Macroeconomic Instability and Terrorism Nexus; Empirical Evidence in Case of Pakistan." Journal of Economic Sciences, no. 1.1 (June 30, 2022): 72–84. http://dx.doi.org/10.55603/jes.v1i1.a6.
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The current study is an attempt to analyze the association between macroeconomic instability and terrorism in Pakistan over the period of 1970 to 2020. Six important variables are taken as a proxy to measure macroeconomic instability which includes external debt, budget deficit, trade deficit, real effective exchange rate (REER), inflation and unemployment. Results indicate that there exists a long run cointegration relationship between the indictors of macroeconomic instability and terrorism. FMOLS is employed to obtain the estimates and it reveals that budget deficit and external debt is negatively associated with terrorism. It indicates that government expenditures on different project such as infrastructure create economic opportunities, therefore, reduces terrorism. Furthermore, welfare programmes also improve the performance of socioeconomic variables that translates into harmonized environment which lessens violence. The variable of trade deficit, inflation and unemployment has positive impact on terrorism while REER is insignificant. In context of trade deficit, higher imports results in job loss of domestic industries, hence, it hits the vulnerable groups. Therefore, the opportunity cost of life of these groups reduces and it increases the probability to become a part of terrorist activities. Inflation also pushes the vulnerable groups in poverty by reduces the purchasing power and unemployed individuals are also easy target to get involve themselves in acts of aggression. This study also constructs the macroeconomic instability index including the six variables through principal component analysis (PCA). Results of this model show that macroeconomic instability index and GDP has positive effect on terrorism. In case of GDP, the plausible reason could be uneven income distribution that increases terrorist activities. For the policy implications, government need to divert the resources from non-productive to productive uses through the investment in such projects which has direct and indirect impact on the welfare. In this way deprived group will enjoy economic perks and engage themselves in productive activities rather than becoming a helping hand in terrorism.
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Khodabakhshi, Akbar, and Behnaz Gholamian. "A Comparative Study of the Impact of Governance Sub-Indicators on Health Expenditures in Rich and Poor Countries." Social Welfare 22, no. 86 (November 13, 2022): 353–89. http://dx.doi.org/10.32598/refahj.22.86.2424.2.
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Introduction: Introduction: Health is one of the main indicators of development in any country, and investing in this sector has a direct impact on the welfare of society and economic growth. The lack and insufficiency in providing health services is considered as a sign of government weakness. Therefore, it is very important to examine the performance of governments in the health sector. Method: The present research has investigated the effect of governance sub-indicators on health costs for two groups of low-income and high-income countries. To conduct this research, a balanced mixed data model was used. The total health cost was used as a dependent variable and the governance sub-indicators including six sub-indicators were used as independent variables and the human development index was used as a control variable. We used Eviews10 software to perform calculations. Findings: The findings of the research in the group of low-income countries confirmed the effect of the following governance indicators on health costs. In addition, all the coefficients of the variables in the high-income group were significant at the 90% confidence level, which means that the better the governance index, the higher the health costs appear to be. The model used in the research also had a suitable fitness. Discussion: Arguing based on the results of the research, it is recommended to the governance system of low-income countries that have weak governance to reduce political instability and reduce restrictive laws. In addition, removing trade barriers and creating a competitive environment in these countries is a key and inevitable issue.
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Maduku, Harris, and Brian Tavonga Mazorodze. "Government expenditure and macroeconomic stability conundrum in Zimbabwe." Economics of Development 20, no. 2 (December 29, 2021): 10–26. http://dx.doi.org/10.21511/ed.20(2).2021.02.
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The objective of this paper was to explore the effect of government expenditure growth on macroeconomic stability in Zimbabwe. Public expenditure has grown over time but as per a priori expectations, other macroeconomic variables have not been forth coming. What the country has actually experienced is prolonged macroeconomic instability. The paper contributes to the body of literature in two ways, (1) by creating a macroeconomic instability index and (2) by being the first in the Zimbabwean context to explore this conundrum. To achieve the main objective of the paper, the study used a cointegrated vector error correction model (VECM) and Granger causality with data spanning 1981 to 2019. The study did not find a statistically significant relationship between government expenditure and macroeconomic stability as argued mostly by the Keynesians. However, according to a priori expectations, the relationship turned out to be rightly negative. To buttress the Cointegrated-VECM results, granger causality tests were also conducted where no causality was found from government spending to macroeconomic stability, and vice versa (causality running from instability to government spending). This paper recommends that, Zimbabwe’s policy makers may need to consider proactive government spending or policies, since that helps the economy to successfully avoid possible risks such as macroeconomic instability. When policies are proactive rather than reactive, that helps by seizing untapped opportunities, and the economy justly avoids consequences of reactive governance.
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BENOVSKA, Liliya. "FINANCIAL EQUALIZATION IN THE CONTEXT OF DECENTRALIZATION REFORM OF POWER: PROBLEMS AND PERSPECTIVES." WORLD OF FINANCE, no. 2(59) (2019): 85–97. http://dx.doi.org/10.35774/sf2019.02.085.
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Introduction. With the conduction of the reform of decentralization of power in Ukraine in the model of financial equalization, the emphasis is placed on aligning budgets on incomes with the use of separate equalization tools by expenditures. The introduction of the new alignment system involves a number of problems. Purpose. Solving the problems of financial equalization in Ukraine in the conditions of modern reforms and finding the ways of its improvement. Results. The investigation of features and instruments of financial equalization in the context of conducting modern reforms in Ukraine has made it possible to identify issues that do not contribute to the reduction of vertical and horizontal budget imbalances, but also increase them. The main problems of financial equalization of local budgets are allocated, namely: inconsistency of incomes with expenditure powers of local budgets; instability of local budget revenues over time due to frequent changes in tax and budget laws of the state; violation of the transparency of transfer of transfers; a lack of clear separation of expenditure powers between the levels of government and others. The modernization of the modern equalization system should be aimed at creating equal financial opportunities for the sustainable development of individual territories and the country as a whole, providing macroeconomic stability and economic growth, promoting the improvement of quality of public services and their compliance with the developed state standards. Conclusions. There are proposed the directions of perfection of the modern system of financial equalization in the part of changes in the procedure for enrollment of personal income tax to local budgets by the place of residence of the person, and not by the place of employment; changes in the approaches of calculating the index of tax capacity; a reasoning of the necessity of development and approval of new state service standards for the social sectors.
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Ivanov, Vladimir. "Development Potential of Public and Private Partnership of Southern Russian Regions for Implementing Infrastructural Projects." Regionalnaya ekonomika. Yug Rossii, no. 3 (October 2019): 107–17. http://dx.doi.org/10.15688/re.volsu.2019.3.11.
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The necessary condition determining the steady growth and security of economic development is full functioning and development of infrastructure. The article emphasizes that the observed instability of real expenditures of the federal budget and territorial entities of the Russian Federation for infrastructural industries and also their uneven distribution both from the point of view of the economic sector and the region proved the need of searching non-budgetary sources for encouraging the economic development. Public and private partnership is thought to be a fundamental instrument of private investment attraction. The article states the possibilities of participation of private firms in implementing infrastructural projects in combination with the government support when the integral powers and immanent functions of the state remain. The interests of using this instrument for the government lies in the budget expenditure reduction, increase in their efficiency, implementation of obligations of various character, in particular social ones. For private enterprises these interests are presented by governmental guarantees, the distribution of risks, possibility of participation in long-term projects and attraction of debt financing, political support of the state. Despite the dominating role of the government participation in implementing infrastructural projects, the value of public and private partnership from the point of view of financial security increases every year. The mutually agreed policy and coordination of joint efforts for expanding and mobilizing financial resources and implementing and modernizing infrastructural projects using these funds is expected to become a basis for the interaction of the government and private organizations. The article analyzes the available potential of the regions of Southern Russia in the context of creating conditions for developing public and private partnership for implementing infrastructural projects. The information for this research is the systematized data of the PPP Development Center. The author presents the best examples of implementing infrastructural projects with the attraction of private investments. The paper points out the priority infrastructural projects implemented with the use of the public-private partnership mechanism, which is planned for implementing in the region as well. The assessment of the level of public and private partnership development in the regions under analysis confirmed the increasing potential of the investment attraction for implementing infrastructural projects. On the basis of the analysis of the institutional environment development condition and legal basis, the author makes a conclusion on the decrease of the importance of these factors when determining the rating of regions of Southern Russia in the sphere of public and private partnership and an increase of such an indicator as “Experience of implementing projects”.
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STORONIANSKA, Iryna, Liliya BENOVSKA, and Tetyana MEDYNSKA. "System of financial equalization in Ukraine under modern challenges: main problems and directions for their solution." Fìnansi Ukraïni 2023, no. 2 (May 16, 2023): 53–70. http://dx.doi.org/10.33763/finukr2023.02.053.
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Introduction. The introduction of a new equalization system in Ukraine is faced with problems related to the inconsistency of the redistribution of resources and powers between state, regional and local authorities, the instability and inconsistency of legislative innovations, the unreasonableness of the calculation of the tax capacity index, etc. Problem Statement. The existence of significant economic and financial imbalances in the development of the territories of Ukraine necessitates the search for an optimal model of financial equalization. This question is actualized in the conditions of modern challenges. Purpose. To identify the main problems of the financial equalization system in Ukraine and to find ways of their solving.. Methods. In the research process such methods as structural-logical, comparative analysis, systematic approach, historical and statistical and others were used. Results. It was found that the domestic model of financial equalization should be identified as a combination of three components: vertical equalization through split taxes; horizontal equalization of the fiscal capacity of budgets and equalization by expenditures through a set of targeted transfers.The article identifies the main problems of financial equalization, namely: the calculation of the index of the tax capacity of territorial communities, which is based only on income from one tax (personal income tax), does not ensure a fair distribution; the inclusion of personal income tax at the place of registration of business entities helps to strengthen the differentiation between the center and the periphery; the predominance of targeted transfers reduces the independence of local self-government bodies in decision-making; poor use of expenditure equalization tools has led to significant imbalances in the ability of communities to provide public services. Conclusions. The solution to the mentioned problems is proposed by: implementing the mechanism of personal income tax crediting to local budgets by place of residence, and not by place of work of individual payers; calculation of the tax capacity index, taking into account the entire volume of tax revenues to the general fund of local budgets; the growth of the share of untargeted transfers in the structure of the system of financial equalization of territories in Ukraine and others.
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Davidescu, Adriana AnaMaria, Tamara Maria Nae, and Margareta-Stela Florescu. "Exploring the Moderation and Mediation Effects in Addressing the Main Determinants of Income Inequalities in Supporting Quality of Life: Insights from CEE Countries." International Journal of Environmental Research and Public Health 19, no. 14 (July 13, 2022): 8555. http://dx.doi.org/10.3390/ijerph19148555.
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Income inequality has become an increasingly pressing economic and social problem in Europe, especially in emerging countries with more significant inequalities than the EU average. The high-level inequality persistence can decrease well-being by accentuating the shortcomings at the household level, increasing poverty and social exclusion, generating political instability, leading to a decline in social cohesion, and, finally, a weakening of the Union as a whole. In this context, the paper aims to identify the main determinants of income inequality across the CEE countries and their significant implications in supporting the quality of life and well-being, highlighting the mediation and moderation effects. The analysis focuses on emerging European countries, using panel-based data analysis for ten EU countries covering 2008–2019. The empirical findings highlighted the importance of the minimum wage, high-tech exports, the degree of economic openness, the quality of institutions, and education spending in reducing income inequality. On the other hand, the proportion of the population with a higher education level and the interaction between official and unofficial economies led to income inequality. Therefore, to increase the quality of life, it is mandatory to decrease inequalities. Thus, fewer people will be at risk of living a less qualitative life. The empirical results also proved that the informal economy and the share of people employed in industry exhibited mediating roles. In contrast, the economic growth, the urbanization degree, and the share of people employed in services exhibited moderating roles. Additionally, we also tested the impact of the income inequality determinants of the quality of life, the empirical results supporting the influence of minimum wage, employment with tertiary education, government effectiveness, the degree of economic openness, and education expenditures.
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POKHYLENKO, Nataliia, and Roman KORINETS. "PROBLEMS OF FINANCING OF AGRICULTURAL EXTENSION ACTIVITIES IN UKRAINE." 3, no. 3(57) (September 28, 2021): 68–85. http://dx.doi.org/10.37128/2411-4413-2021-3-5.
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The article analyzes the current state of financial support for socially oriented extension services in Ukraine in order to identify the obstacles to stability and regularity of its implementation. It has been established on the basis of statistical data, that the financing of such activities from the state budget has a downward trend. Its volumes are tens of thousands of times less than similar budgetary expenditures in post-socialist countries that are currently EU members. The results of a survey of representatives of consulting services showed that the reason for the low activity of the registered agricultural extension services in the implementation of state programs to support agricultural producers and, accordingly, the incomplete development of the allocated funds are the scarcity, unpredictability and instability of state support for agricultural extension activities, the weakness of the coherence between themselves of the state programs, aimed at the development of the agricultural sector of economy. There is also a lack of understanding of the importance of agricultural extension by local government representatives. It is proved that conservatism in the introduction of innovations by owners of small farms, low level of awareness of agricultural extension, significant distance of advisory centers from potential customers, low income of the rural population minimize their ability to pay for commercial advisory services. It is established that financial and organizational difficulties have a significant negative impact on the psychological aspects of counseling. Advisors declare a lack of faith in their own strength. The results of the study allow us to assert that the formation of stable, simple and clear rules for long term state financing of agricultural extension activities and the absolute abidance of such rules by state institutions will help to increase the sustainability of financial support for agricultural extension activities in Ukraine.
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Mashinini, Vusi. "Electoral Geography and Community: Whither Coalition Governments in Lesotho?" Middle Eastern Journal of Research in Education and Social Sciences 1, no. 2 (November 3, 2020): 167–86. http://dx.doi.org/10.47631/mejress.v1i2.83.
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Purpose: The aim of this research study is to address the nature, prospects and challenges of coalition governments and their impacts on the community in Lesotho Approach/Methodology/Design: This paper uses desk top methodology and employs a strengths, weaknesses, opportunities and threats (SWOT) analysis technique to address the nature, prospects and challenges of coalition governments and their impacts on the community in Lesotho. Research questions that guide this study are what prompt coalition governments in Lesotho? How do coalition governments operate in Lesotho? What are the prospects and challenges of coalition governments on the government, governance, lives and livelihoods of the communities in Lesotho? What might be a sustainable democratic coalition government option in Lesotho going forward? Findings: The hypothesis of the paper is that coalition governments promote instability of government and poor governance for the Basotho. The results show that prospects for coalition governments are inclusive democracy, while challenges are community exclusion, poor service delivery, extravagant public expenditure and government instability. Practical Implications: The article provides a detailed analysis of the impact of coalition governments on the community. Originality/value: The major findings and conclusion of the paper is that coalition governments have prompted cooperation among former rival parties to form one coalition government at different times; but they have had a negative impact on the Basotho community as a whole and benefited only a minority aligned to some of the major coalition parties under different coalition regimes.
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K. Gharaibeh, Omar, and Buthiena Kharabsheh. "Corruption, political instability and their impact on investment: An FMOLS approach." Investment Management and Financial Innovations 19, no. 1 (February 2, 2022): 77–90. http://dx.doi.org/10.21511/imfi.19(1).2022.06.
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Due to the lack of studies in the financial literature on indicators of corruption and political instability relative to investment, this paper is considered one of the first studies that examines the impact of two-corruption indicators and political instability on investment in Jordan over the period 1987–2020. Using Fully Modified Ordinary Least Squares (FMOLS) based on annual data, the corruption effect as measured by the corruption score index is a negative and statistically significant impact on investment in Jordan. The second measure of corruption, which is the corruption rank index, confirmed the previous result that corruption has a negative and statistically significant effect. Political instability measured in this study as a dummy variable by wars in the region has a positive and statistically significant effect on investment. For macroeconomic variables, the results show that current government expenditure and interest rate have a negative and significant impact on investment in Jordan. The interest rate factor was the highest coefficient among the negative effects. The study also shows that the investment in Jordan is positively and significantly affected by growth domestic product, imports and local revenue. The gross domestic product showed the highest coefficient among the positive effects. This study concludes that policy makers attempt to apply transparency and minimize the corruption through flexibility, facilitation of procedures and reduced transactions using automation. The study also concludes that decision makers should rationalize current government expenditure and direct banks in Jordan to give greater priority to credit facilities for productive sectors.
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Adefeso, Hammed Adetola, and Olukemi Ajibike Aluko. "Nexus of Fiscal Instability and Developmental Outcomes in Nigeria." Journal of Sustainable Development 16, no. 4 (May 18, 2023): 48. http://dx.doi.org/10.5539/jsd.v16n4p48.
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This paper examines the effect of fiscal instability component on the fluctuation in welfare indicator for 45 years. Descriptive statistics reveals that fiscal component and real GDP per capital are largely unstable and Hodrick-Prescott filter (HPF) is employed as a smoothing measure of the long-term component. Descriptive statistics reveals that lesser government revenue had been committed to the development purposes compared with recurrent expenditure since the beginning of the fourth republic in Nigeria. Using ARDL model, the study found that, there exist a long-run association among the variable of interest as one percent increase in the rate of instability in recurrent expenditure led to an approximate of 30% reduction in the fluctuation of the welfare indicator while instability in the capital expenditure led to 36% increase in the fluctuation of the GDP per capital. In the short-run however, 1% increase in the immediate lagged value of cyclical capital expenditure had significantly increase the fluctuation in the current welfare index by 54% but such effect is reduced to 43% in two-year lagged. Also, one percent increase in the immediate lagged value of instability in the recurrent government expenditure had significantly reduced the fluctuation in the GDP per capital by 21% but only 9% of such reduction was off set in the two-year lagged. The study therefore, recommended greater control of instability in the fiscal components through diversification revenue base should be emphasized in other to stabilize the fluctuation of the welfare indicator in the short-run and long-run.
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Rogach, Svitlana, Larysa Vdovenko, and Oleh Polishchuk. "AGRICULTURE OF UKRAINE UNDER THE JOINT POLICY OF THE EUROPEAN UNION." Baltic Journal of Economic Studies 5, no. 3 (August 1, 2019): 178. http://dx.doi.org/10.30525/2256-0742/2019-5-3-178-183.
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The purpose of this article is to study the experience of financial support of agriculture in the European Union in order to adapt it to the agricultural conditions of Ukraine. A decisive feature of European financial support to agriculture is the attitude towards it as one of the factors of development of the financial system of the European Union. Under the conditions when Ukraine tries to become a full member of the European Union, the author has proved that the modern system of financial support of agriculture in Ukraine is on the vector of formation and adaptation, therefore, the substantiation of theoretical and methodological principles and the development of practical recommendations for the improvement of existing and the introduction of progressive, recommended world practice levers and regulatory mechanisms become a determining factor in their further development. Methodology. In Ukraine, 2017 should only be expected to improve traditional forms of financial support. Among the positive points is the reduction of interest rates in UAH up to 15%, but with the preservation of monetary stability, one should not expect an increase in terms of lending, in the top, there will be loans up to one year, that is, within the product cycle. Results. Ukraine is trying to take over the experience of various European countries in relation to agriculture. It relies on the experience of Germany, France, Great Britain. Practical implications. The Government and the Ministry of Agrarian Policy and Food in the Budget for 2017 presented a state support reform that creates conditions for the development of small farms and stimulates the production of value-added products, and the main principles of state support should be targeting and transparency. Value/originality. In 2017, in support of the development of the livestock sector at the expense of the general fund of the state budget under the budget program “State Support of Livestock Sector”, expenditures are provided to ensure stabilization of livestock, increase its number, and stabilize production. In general, support for the agrarian sector is formal and insignificantly affecting the development of the agricultural sector, as a result of the economic and agricultural development vector declared in the 2017 Budget, in the light of economic instability, rising inflation and uncertainty.
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Lim, Gieyoung. "What Causes the difference of Human Capital across Countries?" International Area Review 6, no. 1 (March 2003): 115–34. http://dx.doi.org/10.1177/223386590300600108.
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The goal of this empirical research is to investigate what is crucial to determine the difference of human capital across countries. An empirical analysis is made to examine whether and how much human capital formation is related with the various fiscal and social variables. Employed for the study are educational attainment data the average years of schooling across countries from 1965 to 1985-, government policy data such as public consumption & education expenditure, and social variables. It is shown that human capital formation is significantly influenced by policy variables such as the ratio of government consumption expenditure to GDP, and the ratio of government expenditure on education to GDP. It is also made clear how and to what extent social variables such as political instability, the degree of democracy-political right and civil liberties- and the mortality rate are significantly related with the difference of human capital formation across countries.
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Qureshi, Sarfraz Khan. "A Critical Evaluation of the Budgetary Process for Public Expenditure in Pakistan." Pakistan Development Review 32, no. 4II (December 1, 1993): 975–89. http://dx.doi.org/10.30541/v32i4iipp.975-989.
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Over the past decade budgetary policies have emphasised a firm restraint on the growth of total expenditure and a restructuring of the profile of both current and development expenditure to deal with a high fiscal deficit in Pakistan. Regarding current expenditure, there has been an increasing emphasis on meeting fully the recurrent cost requirements of completed public investments and on the minimisation of the costly subsidY programmes. Development expenditure has been increasingly directed towards the priority sectors pertaining to physical and social infrastructure and to early completion of the on-going development projects. Effective public expenditure management places heavy demands on existing government institutions and has a much wider scope than the formulation and implementation of conventional expenditure budgets. The formulation of an appropriate macroeconomic framework, selection of projects on a sound basis, prqper designing of public sector investment programmes and appropriate linkages between planning and budgetary processes is as, if not more, important than the narrow focus on expenditure budgeting [Hussain (1979»). Notwithstanding the importance of these broader aspects of budgetary issues, this paper does not deal with such public expenditure management issues. Instead it concentrates on a description and an analysis of the formulation process of government expenditure budgeting. The conventional practice in Pakistan in the formulation of expenditure budgets is based on the ''bottom-up" demands of various government agencies. Feats regarding the adverse consequences of deficit financing with respect to macro instability have persuaded the government to impose constraints on total expenditure. Donor agencies, especially the International Monetary Fund, have been instrumental in the imposition of 'top-down' constraints on the 'bottom-up' demands.
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Arroja, Ricardo, and Pedro J. Camões. "What are policymakers waiting for? How trustworthy government can sooth tax instability and expenditure arrears." Governance 35, no. 2 (December 7, 2021): 661–71. http://dx.doi.org/10.1111/gove.12665.
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Hussain, Babar, Muhammad Naveed Tahir, and Bahawal Khan. "Impact of Financial Development, Financial Liberalization and Economic Growth on Financial Instability: Evidence from Panel Data." Journal of Economic Impact 4, no. 2 (August 30, 2022): 142–51. http://dx.doi.org/10.52223/jei4022217.
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Financial instability refers to the situation when financial system faces some disturbances and volatility. There are some important factors that can have a significant influence on the stability or instability of the financial sector. The main objective of this study is to examine the impact of financial sector development, financial liberalization, and GDP growth rate on financial instability. Using data from 53 countries from 2000 to 2016 and employing a battery of estimation techniques consisting of fixed effect, random effect, dynamic panel, and system GMM, the study finds that financial development and financial liberalization accentuate financial instability. The study also finds that economic growth dampens it. Furthermore, the relationship is robust to a variety of controls like monetary independence index, exchange rate stability, law and order, and government expenditure. The policy implication is straightforward that financial development and financial liberalization demand a caution.
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Dankumo, Ali Madina, Suryati Ishak, Yasmin Bani, and Hanny Zurina Hamzah. "Relationship Between Governance and Trade: Evidence From Sub-Saharan African Countries." Research in World Economy 11, no. 6 (October 8, 2020): 139. http://dx.doi.org/10.5430/rwe.v11n6p139.
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This paper investigates the effect of governance in Sub-Saharan African towards trade. This study utilized panel data from 1996-2017. This employed Pooled Mean Group approach by categorizing the Sub-Sharan African (SSA) countries into Low Governance Index (LGI) and Very Low Governance Index (VLGI) countries, considering its abundant resources. The results of the findings indicate that corruption does not affect trade in LGI countries but increases that of VLGI countries, signifying that corruption “greases the wheels” of trade in countries with a high rate of corruption. However, political instability reduces trade for LGI countries, whereas, in VLGI countries, it does not affect trade, indicating that political instability only impacts in countries with relatively better governance. Government expenditure, income, and population growth increase trade in LGI countries but does not show any evidence of impacting trade in the VLGI countries. The study concludes that governance (corruption and political instability) is a significant determinant of trade in the SSA; hence, the importance of dealing with corruption and ensuring a stable political environment.
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Hassan Kheiravar, Mohammad, Davood Danesh Jafari, Hamid Nazeman, and Javid Bahrami. "Oil Revenues and Macroeconomic Instability in Oil-Exporting Countries: A GMM Approach." REICE: Revista Electrónica de Investigación en Ciencias Económicas 8, no. 15 (July 7, 2020): 380–99. http://dx.doi.org/10.5377/reice.v8i15.9976.
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In most of oil exporting countries, oil revenue is considered as one of the main drivers of the economy. These revenues, as the important source of currency, at least, enables the country import various capital goods, intermediaries and consumables and usually covers part of the government's current and development expenditures. However, oil revenues are volatile and uncertain due to the changing nature of the global oil price. This indicate that a significant part of the economy in these countries is exposed to potential instability which is supposed as an anti-growth factor. The present study seeks to examine the effect of oil revenues on inflation and real exchange rate as dominant proxies of macroeconomic stability along with economic growth in oil exporting countries using the GMM method during the 1980 to 2015 period. The results show that oil revenues have different effects on these indicators in selected countries.
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B., Pistoresi, Cavicchioli M., and Brevini G. "Central Bank Independence, Financial Instability and Politics: New Evidence for OECD and Non-OECD Countries." International Journal of Economics and Finance 9, no. 7 (June 22, 2017): 179. http://dx.doi.org/10.5539/ijef.v9n7p179.
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This paper analyses the determinants of a new index of central bank independence, recently provided by Dincer and Eichengreen (2014), using a large database of economic, political and institutional variables. Our sample includes data for 31 OECD and 49 non-OECD economies and covers the period 1998-2010. To this aim, we implement factorial and regression analysis to synthesize information and overcome limitations such as omitted variables, multicollinearity and overfitting. The results confirm the role of the IMF loans program to guide all the economies in their choice of more independent central banks. Financial instability, recession and low inflation work in the opposite direction with governments relying extensively on central bank money to finance public expenditure and central banks’ political and operational autonomy is inevitably undermined. Finally, only for non-OECD economies, the degree of central bank independence responds to various measures of strength of political institutions and party political instability.
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Tai Nguyen, Trong, Thuy Duong Phan, and Ngoc Anh Tran. "Impact of fiscal and monetary policy on inflation in Vietnam." Investment Management and Financial Innovations 19, no. 1 (March 1, 2022): 201–9. http://dx.doi.org/10.21511/imfi.19(1).2022.15.
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High and sustainable growth of gross domestic product with stable inflation is one of the objectives of the most macroeconomic policies both in the world and in Vietnam. Therefore, price stability plays a vital role in assuring GDP growth. In order to stabilize prices, fiscal and monetary policies need to be appropriately managed. The aim of this study is to assess the impact of the monetary and fiscal policies on inflation in Vietnam during the period from 1997 to 2020. This study has applied the vector autoregression (VAR) model along with data gathered from the World Bank and General Statistics Office of Vietnam. The research results indicate that Vietnam’s inflation is positively influenced by a fiscal deficit (2.943), money supply (2.672), government expenditure (8.347), and interest rate (3.187). Among the factors, government expenditure has the biggest influence on inflation. Besides, trade openness (–0.311) also influences inflation, but the effect is negative and negligible. Finally, the policy implications are focused on coordinating fiscal and monetary policies maintaining a moderate level of inflation for economic growth. AcknowledgmentThis article is funded from the funding source of the research: “Solutions to deal with the risk of financial instability from support packages to fight economic recession caused by the covid-19 pandemic” with code B2022-MHN-02 by Vietnam Misnistry of Education and Training.
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Mlambo, Victor H., Sphephelo P. Zubane, and Xolani Thusi. "Governance and Cadre Deployment in South Africa." Cihan University-Erbil Journal of Humanities and Social Sciences 6, no. 1 (January 30, 2022): 11–18. http://dx.doi.org/10.24086/cuejhss.v6n1y2022.pp11-18.
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The former Minister of Cooperative Governance and Traditional Affairs, Dr Zweli Mkhize, painted a bleak picture about the state of local government. The minister stated that 87 municipalities – about a third of South Africa’s total of 257 – remain dysfunctional or distressed. Underpinning this dysfunctionality was mismanagement due to political instability or interference, corruption and incompetence. This then results in poor service delivery, thus prolonging the periods of underdevelopment and poor access to basic services. This paper argues that cadre deployment has hindered the effective service delivery in local municipalities, thus the domino effect has been riots, protests and wasteful expenditure at the local government level. This results in participatory exclusion when it comes to collective development. By strictly analysing relevant literature related to corruption, and cadre deployment within the local government domain in South Africa, it became evident that the quest for socio-economic development in rural areas is deeply dependent on local governance having competent and skilled personnel who would prioritise service delivery rather than political loyalty at the expense of development. Nonetheless, the main question going forward is to what extent will loyalty ahead of competence be at the core of municipal governance and what implications will this have for future developmental prospects, good governance and service delivery?
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Hu, Xiaowei, and Juan Han. "Highway Project Value of Money Assessment under PPP Mode and Its Application." Journal of Advanced Transportation 2018 (August 15, 2018): 1–11. http://dx.doi.org/10.1155/2018/1802671.
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The application of Public-Private Partnership (PPP) mode in transportation infrastructure construction has achieved more progress worldwide; now this mode has been adopted in highway projects of China from 2015. In the application of PPP mode, there are three main facts in China, which include whether the government is responsible for land acquisition and resettlement (LAR), the discount rate changes, and the replacement of business tax by value-added tax (VAT) in 2016. So this paper discusses Value for Money (VFM) quantitative assessment of highway projects under PPP mode in China, which considers currently three actual issues in China. A case study of Heda freeway in China has shown that (1) the government’s responsibility for LAR compensation may attract social capital investor and reduce the risk of social instability, (2) a reasonable range of a low discount rate can greatly reduce government expenditure, and (3) the replacement of business tax by VAT will increase the highway project company’s burden. The research results will be helpful for value of money assessment of highway projects under PPP mode in China and may offer the reference for other countries’ highway projects under PPP mode.
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Jayanti.G and Dr. V.Selvam. "GST - Sway On Small Scale Industries." Restaurant Business 118, no. 10 (October 18, 2019): 365–72. http://dx.doi.org/10.26643/rb.v118i10.9331.
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India being a democratic and republic country, has witnessed the biggest indirect tax reform after much exploration, GST bill roll out on 1 April 2017. The concept of this reform is for a unified country-wide tax reform system. Enterprises particularly SMEs are caught in a state of instability. Several taxes such s excise, service tax etc., have been subsumed with a single tax structure. it is the responsibilities of both centre and state government to shoulder the important responsibility to cater the needs of the people and the nation as a whole. The main basis of income to the government is through levy of taxes. To meet the so called socio-economic needs and economic growth, taxes are considered as a main source of revenue for the government. As per Wikipedia “A tax is a mandatory financial charge or some other type of levy imposed upon tax payer by the government in order to fund various public expenditure” it is said that tax payment is mandatory, failure to pay such taxes will be punishable under the law. The Indian tax system is classified as direct and indirect tax. The indirect taxes are levied on purchase, sale, and manufacture of goods and provision of service. The indirect tax on goods and services increases its price, this can lead to inflationary trend. Contribution of indirect taxes to total tax revenue is more than 50% in India, therefore, indirect tax is considered as a major source of tax revenue for the government, which in turn is one of source for GDP growth. Though indirect tax is a major source of revenue, it had lot of hassles. To overcome the major issues of indirect tax system the government of India subsumed most of the indirect tax which in turn gave birth to the concept called Goods and Service Tax.
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Sheikh Ali, Ali Yassin, Mohamed Saney Dalmar, and Ali Abdulkadir Ali. "Determinants of Economic Growth: Evidence from Somalia." International Journal of Economics and Finance 9, no. 6 (May 25, 2017): 200. http://dx.doi.org/10.5539/ijef.v9n6p200.
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Somalia has suffered enormous instability and civil war in the last three decades, which have impacted the population as well as the economy of the country. Although Somalia is the one of the most impoverished and corrupt nations in the world, it has registered small growth in recent years. The people of Somalia are entrepreneurial by nature and have established business firms both outside and inside the country. This paper aims to investigate empirically the causal relationships between economic growth and variables such as exports (X), foreign aid (FA), government expenditure (GE), gross capital formation (GCF), and foreign direct investment (FDI). The unit root of the data was tested for all variables, and the variables were non-stationary in the level model but stationary in the first-difference model. The null hypothesis of no co-integration was rejected, and the tests revealed a causal relationship among the variables in the study. Four of the six explanatory variables were not statistically significant. Only the variables of GCF and FDI were statistically significant for economic growth.
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AbduiHussein, Ali Jaber, and Magda Pashi bedewi. "Tracks of fiscal policy in Iraq for the period (2003 – 2019." Muthanna Journal of Administrative and Economic Sciences 12, no. 1 (March 31, 2022): 297–313. http://dx.doi.org/10.52113/6/2022-12-1/297-313.
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The political and economic transform ation that took place in Iraq after 2003 was characterized by many manifestations of confusion and contradiction , There were many factors hindering development trends, including political instability and the unstable security situation, Note that Iraq began to move towards building a new political and economic system after the political change , and under the rule of the CPA and successive governments until the present time , Iraq has witnessed increasing political instability , which had a significant impact on economic activity, especially on fiscal policy , as the fiscal policy, through its tools, can achieve economic stability because it is a method for managing the economy, therefore the role of fiscal policy in the economy after 2003 was not at the required level , because the country`s economy is a unilateral economy and its dependence on oil revenues, and the fluctuation of those revenues has a significant impact on the economic situation , through a continuos increase in public spending , the largest percentage is always operating expenses , ( such as increasing salaries, wages, grants and subsidies, as well as allocations card and the social protection network, all this at the expense of investment expenditures despite the rise in oil prices and the increase in revenues , however, it was directed at public spending and financial and admi nistrative corruption was the most serious challenge in the country , the fiscal policy must coordinate with other economic policies in order to influence the economy and be more effective through its political social and economic tracks as it constitutes the economic stability system in the country.
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Shams, Tanveer Muhammad Al, and Aysha Ashraf. "Macroeconomic Indicators of Economic Growth using Panel Data: A Study from South Asian Countries." ABC Research Alert 11, no. 1 (February 18, 2023): 9–20. http://dx.doi.org/10.18034/abcra.v11i1.646.
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Economic development is a most imperative element in figuring out the well-being of the citizens in a country. The present study analyzes the effect of key macroeconomic indicators on the Economic development of South Asian countries. The study intends to scrutinize the long-run and short-run association between Economic development and several macroeconomic variables by using panel data analysis. During ultimate 10 years, a few South Asian countries (SA) had economic instability. The study is aimed to investigate the macroeconomic indicators of some selected SA countries’ economic growth. The static linear panel statistics model had been used for figuring out the consequences of unbiased macroeconomic variables on the gross domestic product (GDP) of SA member countries including Bangladesh, India, Pakistan, and Nepal. While explained variable of examines is analysis is gross domestic product (quantity), the unbiased variables are current account balance general government gross debt, general government revenue, general government total expenditure, inflation (average consumer prices), population, the volume of exports of goods and services, volume of imports of goods and services. The analysis proposed is grounded on a panel data (cross-sectional time series data) approach. The data set of this exploration involves four SA members among 9 countries (cross-sectional units). The effects of 8 macroeconomic indicators on gross domestic product volume were examined. The paper also empirically analyzes the (negative impacts of the global financial crisis) on four SA countries’ economic growth during the 1980 – 2020 periods (time series). In this environment, the goods of macroeconomic parameters are anatomized using panel data series. The main findings of this model indicate that the level of population, general government revenue, inflation (average consumer prices), and volume of exports of goods and services, positively affects economic growth. The findings of this paper will be used for increasing the economic growth of south Asian countries.
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Shams, Tanveer Muhammad Al, and Aysha Ashraf. "Macroeconomic Indicators of Economic Growth using Panel Data: A Study from South Asian Countries." ABC Research Alert 11, no. 1 (February 18, 2023): 9–20. http://dx.doi.org/10.18034/ra.v11i1.646.
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Economic development is a most imperative element in figuring out the well-being of the citizens in a country. The present study analyzes the effect of key macroeconomic indicators on the Economic development of South Asian countries. The study intends to scrutinize the long-run and short-run association between Economic development and several macroeconomic variables by using panel data analysis. During ultimate 10 years, a few South Asian countries (SA) had economic instability. The study is aimed to investigate the macroeconomic indicators of some selected SA countries’ economic growth. The static linear panel statistics model had been used for figuring out the consequences of unbiased macroeconomic variables on the gross domestic product (GDP) of SA member countries including Bangladesh, India, Pakistan, and Nepal. While explained variable of examines is analysis is gross domestic product (quantity), the unbiased variables are current account balance general government gross debt, general government revenue, general government total expenditure, inflation (average consumer prices), population, the volume of exports of goods and services, volume of imports of goods and services. The analysis proposed is grounded on a panel data (cross-sectional time series data) approach. The data set of this exploration involves four SA members among 9 countries (cross-sectional units). The effects of 8 macroeconomic indicators on gross domestic product volume were examined. The paper also empirically analyzes the (negative impacts of the global financial crisis) on four SA countries’ economic growth during the 1980 – 2020 periods (time series). In this environment, the goods of macroeconomic parameters are anatomized using panel data series. The main findings of this model indicate that the level of population, general government revenue, inflation (average consumer prices), and volume of exports of goods and services, positively affects economic growth. The findings of this paper will be used for increasing the economic growth of south Asian countries.
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Sanya, Ogunsakin, and Lawal N. Abiola. "Fiscal Deficit And Economic Growth, Nigeria Experience." International Journal for Innovation Education and Research 3, no. 11 (November 30, 2015): 6–15. http://dx.doi.org/10.31686/ijier.vol3.iss11.459.
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This study examines impact of fiscal deficit on the growth of Nigerian economy using co-integration and error correction. Secondary data were gathered from various sources such as; the Central Bank of Nigeria statistical bulletin, economic and financial review monthly and annual reports and statement of accounts for various years. The time series property of the data employed, are first to be investigated. This is then followed by testing for co-integrated variables. From the unit root test, the results clearly indicate that the variables are integrated of the same order at first difference. Also, from the multivariate co-integration test, within the Auto-Regressive Distributed Lag (ARDL) the results indicate that there are, at most, two co-integrating vectors. This implies that there exists a stable long-run relationship between economic growth and budgeting components. From the study, it was discovered that deficit budget is one of the indicators of macroeconomic instability and significantly discourage human capital accumulation. However, recommendations are made based on the findings among which are that government should set its priorities right, be more committed to budget implementation and to pay more attention to capital expenditure geared towards growth.
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Łakomy, Mateusz. "Demografia polityczna i możliwości dla polityki pronatalistycznej w Polsce." Studia Demograficzne, no. 1(169) (June 10, 2016): 65–91. http://dx.doi.org/10.33119/sd.2016.1.3.
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Political demography links demographic findings with public policies aimed at achieving state goals. Current challenge of population aging causes threat to internal financial stability and well-being of the elderly. Aging also questions countries’ international position due to possibly reduced financial capability to maintain geopolitical power, and in extreme situation of lowest low fertility also due to continuous, unstoppable decline in the population size. In case of Poland, aging alone would result in almost doubling expenditure on pensions and healthcare. To respond to social and geopolitical challenges, the government should primarily focus on policies aimed at stimulating births. To foster pronatalist policies, factors affecting fertility may be grouped into five categories: economic, cultural, psychological, infrastructural and unplanned. All these factors influence childbearing behaviour simultaneously. Some of them constitute barriers to fertility (which need to be eliminated) and the others facilitate fertility (and they need to be strengthened). The barriers include financial constraints, individualistic values, financial insecurity, union instability, insufficient support network and lack of family-friendly employment. Identified facilitators in turn include pension system linking benefits with number of children (family pension system) and family-oriented aspirations and values with religion as a vital ingredient. Father commitment to family life impacts both as facilitator and by eliminating barriers.
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Wanjuki, Teddy M., Adolphus Wagala, and Dennis K. Muriithi. "Evaluating the Predictive Ability of Seasonal Autoregressive Integrated Moving Average (SARIMA) Models using Food and Beverages Price Index in Kenya." European Journal of Mathematics and Statistics 3, no. 2 (April 8, 2022): 28–38. http://dx.doi.org/10.24018/ejmath.2022.3.2.100.
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Price instability has been a major concern in most economies. Kenya's commodity markets have been characterized by high price volatility affecting investment and consumer behaviour due to uncertainty on future prices. Therefore, precise forecasting models can help consumers plan for their expenditure and government policymakers formulate price control measures. Due to the seasonality of Kenya's food and beverage price indices, the current study postulates that the Seasonal Autoregressive Integrated Moving Average (SARIMA) model can best be the best fit model for the data. The study used secondary data on Kenya's monthly food and beverage prices index from January 1991 to February 2020 to examine the predictive ability of the possible SARIMA models based on the minimisation of the Akaike Information Criterion (AIC) and Bayesian Information Criterion (BIC). A first-order differenced SARIMA (1,1,1) (0,1,1)12 minimized these model evaluation criteria (AIC = 1818.15, BIC =1833.40). The cross-validation test results of 6, 12, 18, 24, 30, and 36 step-ahead forecasts demonstrated that SARIMA models are unstable for use in forecasting over a long-time period with a tendency of increasing prediction errors with an increase in the forecast period. It is anticipated that the findings of the current study will provide necessary valuable information to the policymakers and stakeholders to understand future trends in commodity price
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Gałecka, Agnieszka. "THREATS TO THE FINANCIAL STABILITY OF RURAL MUNICIPALITIES OF THE EASTERN POLAND MACROREGION IN THE OPINION OF LOCAL AUTHORITIES." Annals of the Polish Association of Agricultural and Agribusiness Economists XXV, no. 1 (January 22, 2023): 61–74. http://dx.doi.org/10.5604/01.3001.0016.2243.
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The aim of the study was to identify threats to the financial stability of rural communes from the Eastern Poland macroregion. Particular attention was paid to the awareness of the impact of specific groups of factors on financial destabilization and the identification of the main threats to the financial stability of municipalities. The method of literature analysis and the method of diagnostic survey with the use of a questionnaire were used. The survey was conducted among representatives of the executive body of rural municipalities in the macroregion of Eastern Poland. The research covered 349 rural minicipalites from five voivodeships located in the Eastern Poland macroregion (74% of all units of this type in this region). Based on the conducted research, it was found that the financial destabilization of the surveyed municipalities, to a greater extent than internal factors, is influenced by external factors related to the instability of economic conditions or the location of the unit (in the case of the analyzed municipalities, close to the border). In the opinion of the respondents, the main threat to the financial stability of municipalities is the growing number of tasks without an adequate increase in financial resources for their implementation and a significant share of expenditure on obligatory tasks, the value of which does not depend on the decisions of local government authorities. Generally, one of the greatest threats to the financial stability of the surveyed entities was those resulting from the incorrect distribution of tasks and public funds.
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Parada Corrales, Jairo, and Alexandra García Iragorri. "Growth and institutions in Latin America: A pooled and cross-time series analysis (1951-1999)." Revista de Economía del Caribe, no. 01 (June 28, 2022): 46–77. http://dx.doi.org/10.14482/ecoca.01.121.005.
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During the last two decades, economists have developed more interest in incorporating institutions as a variable for economic growth models. Such a task is not an easy one. It is hard to generate instruments that measure the development of institutions that are referred to different problems such as political instability, rule of law, trust, democracy, business risk and the like. The main objective of this paper is to develop a growth-model for Latin American countries that incorporates not only the usual economic variables, such as investment, human capital, government expenditure and trade, but also variables that can be used as proxies of institutions for these countries, covering the period of the second half of the twentieth century. The emphasis is more oriented to empirical issues rather than theoretical ones. The results show that the institutional variables do play a role, but due to limitations of the data base in the area of non-economic variables and the nature of this research, the evidence is somewhat weak. However, after the 80s, there seems to be stronger empirical evidence about the role of non-economic variables in economic growth. One merit of this work is that it is an initial attempt to build such models based on pooledcross- time series and applied only to Latin America . Usually, most of the models we have seen are just cross-country regressions. Some techniques that are easily applied in cross-country regressions are more difficult in pooled and cross time series analysis.
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Nikitishin, Andrіy. "Formation and implementation of the country’s budget under conditions of the global COVID-19 pandemic." University Economic Bulletin, no. 52 (March 18, 2022): 161–67. http://dx.doi.org/10.31470/2306-546x-2022-52-161-167.
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Relevance of research topic. The global COVID-19 pandemic is forcing government regulators to adjust the priorities of the state budget and tax system. Under such conditions, it is particularly important to ensure the effectiveness of the system of formation and implementation of the country's budget which allows to create conditions for expanding fiscal space. Formulation of the problem. Restrictive measures in the fight against the global COVID-19 pandemic negatively affects the fiscal policy of the state. Taxpayers need support from the state which in turn affects the structure of revenue and expenditure budgets at all levels. To increase the level of socio-economic development of the country and territorial communities it is necessary to ensure balanced fiscal regulation. Analysis of recent research and publications. The issue of formation and implementation of the country's budget is widely reflected in the works of foreign and domestic scholars: J. Keynes, A. Laffer, R. Musgrave, P. Samuelson, J. Stiglitz, W. Tanzi, I. Adamenko, Y. Zhalilo, L. Lysiak, I. Lukianenko, V. Makohon, M. Pasichnyi, Yu. Radionov, I. Chuhunov and others. Selection of unexplored parts of the general problem. The growing fiscal risks caused by the destabilizing impact of the global COVID-19 pandemic require strengthening the soundness of the process of formation and implementation of the country's budget. Problem setting, research goals. The main objectives of the study are: to show the peculiarities of the formation and implementation of the country's budget in the global COVID-19 pandemic; to substantiate the main directions of improving the system of formation and implementation of the country's budget under modern conditions. The purpose of the study is to assess the peculiarities of the formation and implementation of the country's budget in the global COVID-19 pandemic. Research methodology. The article uses a set of methods and approaches: systemic and structural approach, statistical analysis, structuring, comparative approach, factorial approach, etc. Results of work. The essence and role of the fiscal system under the conditions of social and economic instability are revealed. The peculiarities of the formation and implementation of the national budget in the global COVID-19 pandemic are shown. The comparative analysis and assessment of the main budget and tax indicators in the countries with developed and transformational economies is carried out. The main directions of improving the system of formation and implementation of the country's budget under conditions of the global COVID-19 pandemic at all levels of the budget system are substantiated. Area of application of results. The results of the study can be used in the formation and implementation of fiscal policy under modern conditions. Conclusions. The crisis provoked by the global COVID-19 pandemic is negatively affecting the fiscal policy of the state, and therefore public authorities must take prudent and reasonable measures of discretionary fiscal policy, including during the formation and implementation of the state budget. Significant fiscal support measures taken by the government to combat COVID-19 are designed to support taxpayers by reducing tax pressures and increasing state social assistance, which is important to ensure economic growth and employment. Health policy, unemployment benefits, government support for corporate liquidity, remittances and wage subsidies increase the expenditure side of the budget. On the other hand, the difficult macroeconomic conditions caused by the global COVID-19 pandemic create and maintain significant budgetary risks while ensuring the proper level of revenue execution of budgets at all levels.
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Perederiy, V., and L. Skripnichenko. "To the Question of Maintaining the Professional Health of Staff in Educational Organizations." Management of the Personnel and Intellectual Resources in Russia 10, no. 3 (July 22, 2021): 18–24. http://dx.doi.org/10.12737/2305-7807-2021-10-3-18-24.
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The article highlights the health issues, the problem of improving its parameters, which are directly related to the stable development of modern society. This topic is especially significant in the context of socio-economic instability, high inflation, rising prices for various goods and services, and the problems of implementing health policies. The physical potential and health status of the individual have a significant impact on the main areas of society, types of social and personal communications, are a source of using the appropriate channels for self-realization, preserving environmental safety. The health of employees is deteriorating under the influence of a number of factors: environmental pollution, poverty, quality of food, smoking, alcoholism, drug addiction, etc. Changes in society draw the attention of government bodies to public health problems and contribute to more productive and thorough work with labor resources.
By "professional health" the authors of the article mean a complex of psychophysiological and psychosocial individual qualities of workers that meet working conditions and ensure high efficiency of professional activity. The state of professional health of the personnel is associated with the absence of any deformations, representing the absolute psychophysical and social well-being of a person in working conditions. Simultaneously with professional health, modern researchers pay special attention to the psychological component of workers' health. Aspects such as constant overstrain, nervous and psychophysical overloads are of great interest to specialists in this field. Among the main causes of industrial accidents, overworking of workers is in the first place. The energy expenditure of workers in carrying out production tasks must be compatible with well-being. The health of the personnel is an economic value, since the efficiency and quality of labor activity of the entire enterprise depend on the efficiency, labor potential, involvement of employees in the labor process as a whole.
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Gurung, Bikash, Rajendra Regmi, Anish Paudel, Uttam Paudel, Amrita Paudel, and Sushil Shrestha. "Profitability, marketing, and resource use efficiency of ginger production in Rukum west, Nepal." Archives of Agriculture and Environmental Science 6, no. 4 (December 25, 2021): 426–35. http://dx.doi.org/10.26832/24566632.2021.060403.
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The study was designed to investigate the profitability, marketing, and resource use efficiency of ginger production in Rukum west. The sample size of 62 ginger-growing farmers out of 187 farmers was determined using slovin’s formula. In addition, 20 traders from two major market hubs Simrutu and Jhulneta were interviewed. The pre-tested semi-structured interview schedule was administered to interview a randomly selected sample size. Data were analyzed using descriptive and statistical tools, including the Cobb-Douglas production function. Result showed that the average area under ginger cultivation was 0.14 ha. A major portion (46.56%) of the cost was found to be incurred by the seed alone in ginger cultivation. The benefit-cost ratio (2.02) indicates that ginger production enterprise was profitable. The productivity of ginger in the study area was estimated to be 11.39 Mt/ha, while per kg cost of production was found to be (NRs 35.67 = USD 0.30). Most of the gross income (78.85%) was found to be contributed by fresh ginger. Similarly, gross margin, market margin, and producer’s share were found to be 21.16, 33.33, and 62.97%, respectively, for 1 kg of ginger. The indexing technique identified high-cost with low-quality seed and price instability as the major problems associated with the production and marketing of ginger, respectively. Cobb-Douglas production function estimated the value of return to scale at 0.889, implying that ginger production exhibited decreasing returns to scale. A study on resource allocative efficiency revealed that farm yard manure and total labor were underutilized resources while seed rhizome was overutilized resource. Thus, for optimal allocation of resources, expenditure on farm yard manure and total labor need to be increased by 87.374% and 39.908%, respectively. The study concluded that an effort should be made to bridge the gap between optimal resource utilization and current practices. For this, it is prime important to interconnect the combined efforts of ginger growers, provincial government, or any developing partners.
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Nyazema, Norman Z. "The Zimbabwe Crisis and the Provision of Social Services." Journal of Developing Societies 26, no. 2 (June 2010): 233–61. http://dx.doi.org/10.1177/0169796x1002600204.
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Historically, health care in Zimbabwe was provided primarily to cater to colonial administrators and the expatriate, with separate care or second-provision made for Africans. There was no need for legislation to guarantee its provision to the settler community. To address the inequities in health that had existed prior to 1980, at independence, Zimbabwe adopted the concept of Equity in Health and Primary Health Care. Initially, this resulted in the narrowing of the gap between health provision in rural areas and urban areas. Over the years, however, there have been clear indications of growing inequities in health provision and health care as a result of mainly Economic Structural Adjustment Policies (ESAP), 1991–1995, and health policy changes. Infant and child mortality have been worsened by the impact of HIV/AIDS and reduced access to affordable essential health care. For example, life expectancy at birth was 56 in the 1980s, increased to 60 in 1990 and is now about 43. Morbidity (diseases) and mortality (death rates) trends in Zimbabwe show that the population is still affected by the traditional preventable diseases and conditions that include nutritional deficiencies, communicable diseases, pregnancy and childbirth conditions and the conditions of the new born. The deterioration of the Zimbabwean health services sector has also partially been due to increasing shortages of qualified personnel. The public sector has been operating with only 19 per cent staff since 2000. Many qualified and competent health workers left the country because of the unfavourable political environment. The health system in Zimbabwe has been operating under a legal and policy framework that in essence does not recognize the right to health. Neither the pre-independence constitution nor the Lancaster House constitution, which is the current Constitution of Zimbabwe, made specific provisions for the right to health. Progress made in the 1980s characterized by adequate financing of the health system and decentralized health management and equity of health services between urban and rural areas, which saw dramatic increases in child survival rates and life expectancy, was, unfortunately, not consolidated. As of 2000 per capita health financing stood at USD 8.55 as compared to USD 23.6, which had been recommended by the Commission of Review into the Health Sector in 1997. At the beginning of 2008 it had been dramatically further eroded and stood at only USD 0.19 leading to the collapse of the health system. Similarly, education in Zimbabwe, in addition to the changes it has undergone during the different periods since attainment of independence, also went through many phases during the colonial period. From 1962 up until 1980, the Rhodesia Front government catered more for the European child. Luckily, some mission schools that had been established earlier kept on expanding taking in African children who could proceed with secondary education (high school education). Inequity in education existed when the ZANU-PF government came into power in 1980. It took aggressive and positive steps to redress the inequalities that existed in the past. Unfortunately, the government did not come up with an education policy or philosophy in spite of massive expansion and investment. The government had cut its expenditure on education because of economic and political instability. This has happened particularly in rural areas, where teachers have left the teaching profession.
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Navarro, Vicente. "Neoliberalism, “Globalization,” Unemployment, Inequalities, and the Welfare State." International Journal of Health Services 28, no. 4 (October 1998): 607–82. http://dx.doi.org/10.2190/y3x7-rg7e-6626-fvpt.
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This analysis of “neoliberalism” and its economic and social consequences is presented in six sections. Section I begins by describing the impact of neoliberal public policies on economic growth and inflation, on business profits and business investments, on productivity, on business credit, on unemployment and social inequalities, on social expenditures, and on poverty and family debt. The author shows that, except in the area of business profits and control of inflation, neoliberal policies have not proved superior to those they replaced. Section II deals with unemployment and social polarization in the developed capitalist countries. The author criticizes some of the theories put forward to explain these social problems, such as the introduction of new technologies and globalization of the economy, and suggests that a primary reason for these problems is the implementation of neoliberal policies. Section III challenges the widely held neoliberal perception that the U.S. economy is highly efficient and the E.U. economies are “sclerotic” due to their “excessive” welfare states and “rigid” labor markets. The author shows that the U.S. economy is not so dynamic, nor the E.U. economies so sclerotic. Some developed countries with greater social protection and more regulated labor markets are shown to be more successful than the United States in producing jobs and lowering unemployment. The reasons for the growing polarization in developed capitalist countries, rooted in political rather than economic causes, are discussed in section IV—especially the enormous power of the financial markets and their influence on international agencies and national governments, and the weakness of the labor movements, both nationally and internationally. Section V questions the major theses of globalization. The author shows that rather than globalization of commerce and investments, we are witnessing a regionalization of economic relations stimulated by political considerations. He also analyzes the globalization of capital finance, criticizing the thesis that capital markets are determining public policies. The economic determinism that underlies the globalization position is questioned, uncovering the importance of political explanations for understanding major social problems such as unemployment. Finally, section VI shows that neoliberal public policies on the deregulation of labor markets are creating enormous instability in the labor force, worsening the living conditions of the majority of the populations.
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Dadzie, K. K. S. "Trade and Development Report, 1992 An Overview." Foreign Trade Review 27, no. 1 (April 1992): 85–94. http://dx.doi.org/10.1177/0015732515920107.
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The world economy has been suffering its most severe recession since the World War-II. Production has fallen in the United States and flattened in Japan. Western Europe is stagnating: the boost provided by German unification has petered out, while high interest rates remain. Growth has picked up in Latin America, but remains slow there and in other developing regions, other than parts of Asia. Central and Eastern Europe are suffering a precipitous fall in living standards; the transition process is proving much more painful than anticipated. Overall, signs of improvement are scant. The unexpected severity of the global recession reflects the presence of debt deflation in a number of industrialized economies - a process not experienced since the Great Depression. Household and business expenditures are being reduced, the flow of credit is shrinking, and confidence is being eroded. Econometric forecasts, by taking little or no account of the domestic debt overhang, have tended to paint an overoptimistic picture. A private sector weighed down by debt and high long-term interest rates will not generate stability or growth unaided. Governments must resume their responsibilities, by acting to foster a return to financial stability and to stimulate the level of economic activity. No single country can solve the macroeconomic problem on its own: the situation demands improved coordination. Without a swift policy response, cumulative forces may be unleashed, damaging all countries. World economic recovery is especially important for developing countries, for without sustained export growth further bouts of instability can be expected, including an intensification of threats to democratic institutions in countries where these have been established or re-established only recently. Many developing countries, as well as countries in transition, have unilaterally undertaken a fundamental change of direction towards greater openness in trade. For them to succeed in pursuing outward-oriented strategies, developed countries need to follow suit by relaxing their own import restrictions. A successful conclusion to the Uruguay Round is therefore highly important. Improved development performance will also require further policy effort at home. The need for reforms is inescapable, but these should be introduced thoughtfully, on the basis offa ct, not fiction.
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Muhammad, Malik, Mumtaz Anwar Chaudhry, Shabib Haider Syed, and Mahwish Saeed. "Instability of government revenues and expenditures: implications for budget deficit in Pakistan." Quality & Quantity, December 24, 2022. http://dx.doi.org/10.1007/s11135-022-01553-z.
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Sweidan, Osama D. "Political Instability and Economic Growth: Evidence from Jordan." Review of Middle East Economics and Finance 12, no. 3 (January 1, 2016). http://dx.doi.org/10.1515/rmeef-2015-0025.
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AbstractThis paper explores the link between political instability and economic growth in Jordan, which is a lower middle-income country located at the heart of the Middle East. Historically, this region has been living under protracted wars, clashes, violence and terrorist attacks. We can expect these events to influence economic growth via their effect on government spending. We employ two econometric techniques: ARDL model (OLS) and Kalman filter (ML) and use data over the period 1967–2009. We find political instability has a statistically significant negative effect on economic growth as well as on real government expenditures.
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Iorgova, Silvia, and Chase Ross. "Investor Information and Bank Instability During the Euro Crisis." IMF Working Papers 21, no. 5 (January 8, 2021). http://dx.doi.org/10.5089/9781513566412.001.
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Outside of financial crises, investors have little incentive to produce private information on banks’ short-term liabilities held as information-insensitive safe assets. The same does not hold true during crises. We measure daily information production using data from credit default swap spreads during the global financial crisis and the subsequent European debt crisis. We study abnormal information production around major events and interventions during these crises and find that, on average, capital injections reduced abnormal information production while early European stress tests increased it. We also link information production to outcomes: high levels of information production predict bank balance sheet contraction and higher government expenditures to support financial institutions. In an addendum, we show information production on nonfinancials dramatically increased relative to financials at the height of the COVID-19 crisis, reflecting the nonfinancial nature of the initial shock.