The document summarizes Kang-Kook Lee's presentation on income-led growth in South Korea. It discusses the Moon government's strategy of raising wages and household incomes to boost demand, evaluations of this strategy, and prospects. While the direction of the strategy is seen as correct, the real implementation has been problematic due to de facto austerity and a lack of redistribution. More political support and effective policy measures are needed to strengthen income-led growth.
This document discusses economic growth and factors that influence it. It defines economic growth as an increase in potential GDP over time, measured by expanding production capabilities. Growth rates are calculated by comparing GDP values between years. Economic growth increases standards of living by raising GDP per capita. While population growth reduces growth in GDP per person, productivity gains can outweigh this effect and allow sustained increases in living standards over long periods. Factors driving productivity and growth include investment in physical and human capital, technology advances, and strong economic institutions.
China has the second largest economy and is the most populous country. It has experienced rapid economic growth averaging 10% over the last 30 years due to reforms allowing private sector growth and foreign investment. China uses fiscal and monetary policies like government spending on infrastructure, adjusting required reserve ratios, and managing the yuan's exchange rate to influence economic stability and growth. These allowed China to recover quickly from the 2008 financial crisis through measures such as lowering interest rates and enacting a $650 billion stimulus package. While still having some state-owned sectors, China has transitioned significantly from a centrally planned to more market-based economy.
The Power-point discusses the macroeconomics of china. It discusses the inflation, unemployment in china, fiscal and monetary policy of china and the foreign exchange rate mechanism of china. It also discusses what can be the endgame for china for changing in its policy.
This document summarizes the key economic structures and dimensions of Nepal's economy. It outlines the main sectors (primary, secondary, tertiary), their contribution to GDP, and expected growth rates. The primary sector includes agriculture, forestry and fishing. The secondary sector includes manufacturing and construction. The tertiary sector or service sector makes up the largest portion of GDP at 57.6%. It also discusses economic indices like GDP, income distribution, savings and investment rates, trade issues, employment, privatization policies, and challenges faced by industries in Nepal.
Potential GDP
0
ASLR1
ASLR2
Long-run aggregate supply increases when productivity or the quantity of resources increases permanently. This shifts the long-run aggregate supply curve rightward, increasing the potential GDP of the economy.
This document provides an overview of business cycles, unemployment, and inflation in the United States. It discusses how GDP and the economy fluctuate in cycles, with alternating periods of expansion and recession. Unemployment rates and types of unemployment, including frictional, structural, cyclical, and seasonal, are also examined. Key labor market indicators like the unemployment rate and labor force participation rate are defined. The concept of potential GDP and the natural rate of unemployment are introduced.
GDP or Gross Domestic Product is used to measure the total value of goods and services produced in a country over a period of time. The document provides GDP growth rate forecasts and actuals for Pakistan from Q1 2016 to Q4 2016 and 2020, as well as GDP data for various other countries like Bangladesh, China, India, Sri Lanka, Australia, Malaysia, South Korea, UK, and US from different time periods ranging from 1994 to 2016. It also outlines what GDP is, how it is calculated, and which organizations report GDP data for the different countries.
This document discusses economic growth and factors that influence it. It defines economic growth as an increase in potential GDP over time, measured by expanding production capabilities. Growth rates are calculated by comparing GDP values between years. Economic growth increases standards of living by raising GDP per capita. While population growth reduces growth in GDP per person, productivity gains can outweigh this effect and allow sustained increases in living standards over long periods. Factors driving productivity and growth include investment in physical and human capital, technology advances, and strong economic institutions.
China has the second largest economy and is the most populous country. It has experienced rapid economic growth averaging 10% over the last 30 years due to reforms allowing private sector growth and foreign investment. China uses fiscal and monetary policies like government spending on infrastructure, adjusting required reserve ratios, and managing the yuan's exchange rate to influence economic stability and growth. These allowed China to recover quickly from the 2008 financial crisis through measures such as lowering interest rates and enacting a $650 billion stimulus package. While still having some state-owned sectors, China has transitioned significantly from a centrally planned to more market-based economy.
The Power-point discusses the macroeconomics of china. It discusses the inflation, unemployment in china, fiscal and monetary policy of china and the foreign exchange rate mechanism of china. It also discusses what can be the endgame for china for changing in its policy.
This document summarizes the key economic structures and dimensions of Nepal's economy. It outlines the main sectors (primary, secondary, tertiary), their contribution to GDP, and expected growth rates. The primary sector includes agriculture, forestry and fishing. The secondary sector includes manufacturing and construction. The tertiary sector or service sector makes up the largest portion of GDP at 57.6%. It also discusses economic indices like GDP, income distribution, savings and investment rates, trade issues, employment, privatization policies, and challenges faced by industries in Nepal.
Potential GDP
0
ASLR1
ASLR2
Long-run aggregate supply increases when productivity or the quantity of resources increases permanently. This shifts the long-run aggregate supply curve rightward, increasing the potential GDP of the economy.
This document provides an overview of business cycles, unemployment, and inflation in the United States. It discusses how GDP and the economy fluctuate in cycles, with alternating periods of expansion and recession. Unemployment rates and types of unemployment, including frictional, structural, cyclical, and seasonal, are also examined. Key labor market indicators like the unemployment rate and labor force participation rate are defined. The concept of potential GDP and the natural rate of unemployment are introduced.
GDP or Gross Domestic Product is used to measure the total value of goods and services produced in a country over a period of time. The document provides GDP growth rate forecasts and actuals for Pakistan from Q1 2016 to Q4 2016 and 2020, as well as GDP data for various other countries like Bangladesh, China, India, Sri Lanka, Australia, Malaysia, South Korea, UK, and US from different time periods ranging from 1994 to 2016. It also outlines what GDP is, how it is calculated, and which organizations report GDP data for the different countries.
This document discusses various economic theories related to economic growth and development. It covers theories by Adam Smith, Thomas Malthus, David Ricardo, Karl Marx, Joseph Schumpeter, and John Maynard Keynes. The key ideas are that economic growth depends on factors like capital accumulation, innovation, savings and investment rates, and aggregate demand. Government intervention may be needed to stimulate demand and investment to increase employment and growth.
The document discusses fundamental analysis at the economic, industry, and company levels. It begins by explaining how fundamental analysis examines economic data, industry supply and demand forces, and company financials and management to determine a company's intrinsic value. It then provides details on various factors analyzed at each level, including key economic indicators like GDP, inflation, and interest rates; industry classification; and financial metrics reviewed for individual companies.
The document discusses economic growth in several countries and regions. It provides data showing some of the fastest growing countries in 2015, with Papua New Guinea having the highest growth rate at 19.33%. It also discusses factors that have contributed to rapid economic growth in many African countries in recent years, such as rising commodity prices and increasing foreign direct investment. The document analyzes sources of economic growth in China, finding that over 60% has come from increasing capital and labor inputs, while 30-40% has come from rising productivity.
This document provides an overview of a pilot study examining the impact of Gross Domestic Product (GDP) on economic development. It includes an abstract, introduction describing the background and problem statement, and outlines the research methodology. The body of the document then defines GDP and how it is calculated, discussing key concepts like stocks and flows. It also examines how GDP is measured using the expenditure and income approaches, and how this relates to the circular flow of income and expenditure in an economy.
This document provides an overview of macroeconomics topics including:
1) The key issues in macroeconomics are economic growth versus business cycle fluctuations and unemployment versus inflation.
2) Macroeconomic performance is measured using indicators like GDP, GDP per capita, unemployment and inflation rates.
3) Examples of macroeconomic data are provided for countries like the US, China, Mexico, Japan and Greece for 2014.
The document provides information on macroeconomic indicators of the US economy such as GDP, GDP growth rate, GDP per capita, GNP, inflation rate, and unemployment rate. It discusses that US GDP was $17.9 trillion in 2015, accounting for 28.95% of the global economy. The GDP per capita was $51,486 in 2015, which is 408% of the world's average. It also outlines the Federal Reserve's monetary policy tools including open market operations, reserve requirements, and discount rates. Overall, the summary provides a high-level overview of key macroeconomic statistics and monetary policies related to the US economy.
Andrew Scott on the future of India and China Telstra Global
Last week the Asia Pacific Summit 2011 took place in London, presented by the London Business School and sponsored by leading telecommunications company Telstra International. The Summit brought together a wide scope of experience and perspective – from the academics of the London Business School to the heads of some of the world’s leading businesses.
The two day event incorporated lectures, speeches, case study presentations, panel sessions and interactive workshops all aimed at examining the many potential challenges and pitfalls of doing business in Asia Pacific, as well as key strategies to overcome them.
effect of inflation on indian economy pptBabasab Patil
India's economic growth over recent decades has had significant impacts globally and environmentally. India has experienced strong growth averaging over 5% annually since the 1980s, reducing poverty and becoming an emerging global economic power. This growth is projected to contribute substantially to future global economic expansion. However, it also risks increasing global energy demand and greenhouse gas emissions substantially if India's development remains fossil fuel reliant. There is potential for India and other developing nations to pursue more sustainable "leapfrog" strategies emphasizing renewable energy and resource efficiency.
The document discusses India's economic environment, including factors such as inflation, employment, poverty, debt, income distribution, and interest rates. It notes that India's consumer price inflation was 3.28% in September 2017. Unemployment is projected to increase to 17.8 million in 2017 and 18 million in 2018. Over 26% of the global extreme poor live in India. India ranks 100th out of 119 countries on the Global Hunger Index. Income inequality has doubled over the last two decades in India. The Reserve Bank of India recently cut its repo rate to 6.75% to boost economic growth.
This chapter discusses key macroeconomic concepts including:
1) The two major issues in macroeconomics are economic growth and business cycles which include unemployment and inflation.
2) Important measures used to evaluate macroeconomic performance are GDP, GDP per capita, unemployment rate, inflation rate, and potential GDP.
3) Macroeconomic policies implemented by governments include fiscal policy related to government spending and taxation and monetary policy which controls money supply and interest rates. These policies aim to promote growth, reduce unemployment, and lower inflation.
Impact of election 2014 on indian stock marketsnehastocktips
The document discusses The Equicom Financial Research Pvt. Ltd., which is India's largest independent integrated research house. It provides research and insights to over 350 domestic clients through subscription products and customized solutions. The document also contains disclaimers about information provided by Equicom and discusses upcoming Indian elections, potential economic impacts, effects on the stock market under different outcomes, and some companies that may benefit from the elections.
This document summarizes key concepts in economics including:
1) National economic performance is measured by variables like growth, inflation, unemployment, and the current account, but tradeoffs may occur when trying to achieve all goals at once.
2) The circular flow of income shows how households supply factors to firms in exchange for income, which is then used to buy goods and services in a continuous flow.
3) Economic growth is defined as increases in productive capacity and output over time, measured by variables like GDP, and it contributes to improved living standards but also has critics regarding sustainability and negative externalities.
This document provides an overview of business cycles, unemployment, and inflation. It discusses the phases of the business cycle including expansion, recession, peaks and troughs. It also examines causes of business cycles and different types of unemployment including frictional, structural, cyclical, and seasonal unemployment. Key labor market indicators like the unemployment rate, labor force participation rate, and natural rate of unemployment are defined. The relationship between actual and potential GDP over the business cycle is also explored.
The document outlines key government economic objectives such as maintaining a healthy balance of payments, low unemployment, low inflation, and economic growth. It then discusses these objectives in more detail and how they are impacted by factors like the balance of payments, inflation, unemployment, and the business cycle. Government policies aim to achieve stability and manage the four stages of the business cycle: growth, boom, recession, and slump.
GDP all methods explanations with examples,team members =HIRDAYRAJ SAROJ, APURVA SATIA, ADITI MULE, from SVIMS College Wadala,Mumbai BATCH-MMS I (2016-2018)
This document outlines the course objectives and topics for a course on Pakistan's economic issues. The course aims to provide students with an understanding of key sectors of Pakistan's economy including agriculture, industry, financial and social sectors as well as current policies. Topics to be covered include the development of Pakistan's economy over the past 50 years, the agriculture, manufacturing and banking sectors, fiscal and monetary policy, the budget, fiscal deficit, and social issues. Recommended textbooks and resources are also provided.
The document discusses GDP and how it is calculated. It states that GDP is the total monetary value of all finished goods and services produced within a country's borders in a given time period. GDP can be calculated using three approaches: expenditure, production, and income. The expenditure approach sums spending by different groups, the production approach estimates total output value minus intermediate costs, and the income approach sums payments like wages, profits, rents and interest to calculate national income.
Fiscal policy refers to a government's spending and taxation policies intended to maintain economic stability. It determines the country's economic direction by adjusting revenue and spending levels to influence aggregate demand. The document discusses expansionary and contractionary fiscal policy, providing examples of each. It also outlines Nepal's 2017/18 budget highlights, the role and limitations of fiscal policy in economic development.
(1) Economic growth is the expansion of an economy's production capabilities over time, as measured by the increase in potential GDP. Growth occurs through increases in population, productivity, capital, technology and other factors.
(2) The US has experienced steady economic growth since the 1950s, driven primarily by productivity gains. Labor productivity has increased on average 1.5-2.8% annually due to advances in technology, education, capital investment and other factors.
(3) While economic growth has lifted living standards in the US, growth has slowed recently and the country lags others in math/science skills. Sustained growth requires continued productivity improvements through education, innovation and efficient resource allocation.
1. The document analyzes the relationship between domestic savings, investment, and economic growth in Nigeria from 1970-2015.
2. It finds that domestic savings, investment, and GDP growth were low over the period studied, with fluctuating trends.
3. The study employs various econometric techniques including unit root tests, cointegration tests, vector error correction models, and Granger causality tests.
4. The results show domestic investment has a positive and significant long-run impact on economic growth in Nigeria. There is also bidirectional short-run causality between domestic investment and economic growth.
Achievements and Limitations of Income-Led Growth of the Moon Government in K...Kang-Kook Lee
The document summarizes the achievements and limitations of South Korea's income-led growth strategy under President Moon from 2017-2019. It was largely successful in increasing wages and household income to boost consumption, but growth slowed in 2018 as investment declined. Real estate prices also rose rapidly, and more efforts are still needed to strengthen social welfare programs and reduce inequality further through tax policy.
The economic survey is a flagship document released by the Ministry of Finance that provides an overview of India's economic performance in the past year and an outlook for the coming year. This year's survey highlighted the government's major economic reforms like demonetization and GST, efforts to address non-performing assets through the bankruptcy code, and initiatives to support agriculture and stabilize GST implementation. It also discussed topics like the impact of temporary decoupling from other economies, slowing investment and savings rates, the feminization of the agriculture sector, and the potential benefits of reducing judicial pendency on the economy.
This document discusses various economic theories related to economic growth and development. It covers theories by Adam Smith, Thomas Malthus, David Ricardo, Karl Marx, Joseph Schumpeter, and John Maynard Keynes. The key ideas are that economic growth depends on factors like capital accumulation, innovation, savings and investment rates, and aggregate demand. Government intervention may be needed to stimulate demand and investment to increase employment and growth.
The document discusses fundamental analysis at the economic, industry, and company levels. It begins by explaining how fundamental analysis examines economic data, industry supply and demand forces, and company financials and management to determine a company's intrinsic value. It then provides details on various factors analyzed at each level, including key economic indicators like GDP, inflation, and interest rates; industry classification; and financial metrics reviewed for individual companies.
The document discusses economic growth in several countries and regions. It provides data showing some of the fastest growing countries in 2015, with Papua New Guinea having the highest growth rate at 19.33%. It also discusses factors that have contributed to rapid economic growth in many African countries in recent years, such as rising commodity prices and increasing foreign direct investment. The document analyzes sources of economic growth in China, finding that over 60% has come from increasing capital and labor inputs, while 30-40% has come from rising productivity.
This document provides an overview of a pilot study examining the impact of Gross Domestic Product (GDP) on economic development. It includes an abstract, introduction describing the background and problem statement, and outlines the research methodology. The body of the document then defines GDP and how it is calculated, discussing key concepts like stocks and flows. It also examines how GDP is measured using the expenditure and income approaches, and how this relates to the circular flow of income and expenditure in an economy.
This document provides an overview of macroeconomics topics including:
1) The key issues in macroeconomics are economic growth versus business cycle fluctuations and unemployment versus inflation.
2) Macroeconomic performance is measured using indicators like GDP, GDP per capita, unemployment and inflation rates.
3) Examples of macroeconomic data are provided for countries like the US, China, Mexico, Japan and Greece for 2014.
The document provides information on macroeconomic indicators of the US economy such as GDP, GDP growth rate, GDP per capita, GNP, inflation rate, and unemployment rate. It discusses that US GDP was $17.9 trillion in 2015, accounting for 28.95% of the global economy. The GDP per capita was $51,486 in 2015, which is 408% of the world's average. It also outlines the Federal Reserve's monetary policy tools including open market operations, reserve requirements, and discount rates. Overall, the summary provides a high-level overview of key macroeconomic statistics and monetary policies related to the US economy.
Andrew Scott on the future of India and China Telstra Global
Last week the Asia Pacific Summit 2011 took place in London, presented by the London Business School and sponsored by leading telecommunications company Telstra International. The Summit brought together a wide scope of experience and perspective – from the academics of the London Business School to the heads of some of the world’s leading businesses.
The two day event incorporated lectures, speeches, case study presentations, panel sessions and interactive workshops all aimed at examining the many potential challenges and pitfalls of doing business in Asia Pacific, as well as key strategies to overcome them.
effect of inflation on indian economy pptBabasab Patil
India's economic growth over recent decades has had significant impacts globally and environmentally. India has experienced strong growth averaging over 5% annually since the 1980s, reducing poverty and becoming an emerging global economic power. This growth is projected to contribute substantially to future global economic expansion. However, it also risks increasing global energy demand and greenhouse gas emissions substantially if India's development remains fossil fuel reliant. There is potential for India and other developing nations to pursue more sustainable "leapfrog" strategies emphasizing renewable energy and resource efficiency.
The document discusses India's economic environment, including factors such as inflation, employment, poverty, debt, income distribution, and interest rates. It notes that India's consumer price inflation was 3.28% in September 2017. Unemployment is projected to increase to 17.8 million in 2017 and 18 million in 2018. Over 26% of the global extreme poor live in India. India ranks 100th out of 119 countries on the Global Hunger Index. Income inequality has doubled over the last two decades in India. The Reserve Bank of India recently cut its repo rate to 6.75% to boost economic growth.
This chapter discusses key macroeconomic concepts including:
1) The two major issues in macroeconomics are economic growth and business cycles which include unemployment and inflation.
2) Important measures used to evaluate macroeconomic performance are GDP, GDP per capita, unemployment rate, inflation rate, and potential GDP.
3) Macroeconomic policies implemented by governments include fiscal policy related to government spending and taxation and monetary policy which controls money supply and interest rates. These policies aim to promote growth, reduce unemployment, and lower inflation.
Impact of election 2014 on indian stock marketsnehastocktips
The document discusses The Equicom Financial Research Pvt. Ltd., which is India's largest independent integrated research house. It provides research and insights to over 350 domestic clients through subscription products and customized solutions. The document also contains disclaimers about information provided by Equicom and discusses upcoming Indian elections, potential economic impacts, effects on the stock market under different outcomes, and some companies that may benefit from the elections.
This document summarizes key concepts in economics including:
1) National economic performance is measured by variables like growth, inflation, unemployment, and the current account, but tradeoffs may occur when trying to achieve all goals at once.
2) The circular flow of income shows how households supply factors to firms in exchange for income, which is then used to buy goods and services in a continuous flow.
3) Economic growth is defined as increases in productive capacity and output over time, measured by variables like GDP, and it contributes to improved living standards but also has critics regarding sustainability and negative externalities.
This document provides an overview of business cycles, unemployment, and inflation. It discusses the phases of the business cycle including expansion, recession, peaks and troughs. It also examines causes of business cycles and different types of unemployment including frictional, structural, cyclical, and seasonal unemployment. Key labor market indicators like the unemployment rate, labor force participation rate, and natural rate of unemployment are defined. The relationship between actual and potential GDP over the business cycle is also explored.
The document outlines key government economic objectives such as maintaining a healthy balance of payments, low unemployment, low inflation, and economic growth. It then discusses these objectives in more detail and how they are impacted by factors like the balance of payments, inflation, unemployment, and the business cycle. Government policies aim to achieve stability and manage the four stages of the business cycle: growth, boom, recession, and slump.
GDP all methods explanations with examples,team members =HIRDAYRAJ SAROJ, APURVA SATIA, ADITI MULE, from SVIMS College Wadala,Mumbai BATCH-MMS I (2016-2018)
This document outlines the course objectives and topics for a course on Pakistan's economic issues. The course aims to provide students with an understanding of key sectors of Pakistan's economy including agriculture, industry, financial and social sectors as well as current policies. Topics to be covered include the development of Pakistan's economy over the past 50 years, the agriculture, manufacturing and banking sectors, fiscal and monetary policy, the budget, fiscal deficit, and social issues. Recommended textbooks and resources are also provided.
The document discusses GDP and how it is calculated. It states that GDP is the total monetary value of all finished goods and services produced within a country's borders in a given time period. GDP can be calculated using three approaches: expenditure, production, and income. The expenditure approach sums spending by different groups, the production approach estimates total output value minus intermediate costs, and the income approach sums payments like wages, profits, rents and interest to calculate national income.
Fiscal policy refers to a government's spending and taxation policies intended to maintain economic stability. It determines the country's economic direction by adjusting revenue and spending levels to influence aggregate demand. The document discusses expansionary and contractionary fiscal policy, providing examples of each. It also outlines Nepal's 2017/18 budget highlights, the role and limitations of fiscal policy in economic development.
(1) Economic growth is the expansion of an economy's production capabilities over time, as measured by the increase in potential GDP. Growth occurs through increases in population, productivity, capital, technology and other factors.
(2) The US has experienced steady economic growth since the 1950s, driven primarily by productivity gains. Labor productivity has increased on average 1.5-2.8% annually due to advances in technology, education, capital investment and other factors.
(3) While economic growth has lifted living standards in the US, growth has slowed recently and the country lags others in math/science skills. Sustained growth requires continued productivity improvements through education, innovation and efficient resource allocation.
1. The document analyzes the relationship between domestic savings, investment, and economic growth in Nigeria from 1970-2015.
2. It finds that domestic savings, investment, and GDP growth were low over the period studied, with fluctuating trends.
3. The study employs various econometric techniques including unit root tests, cointegration tests, vector error correction models, and Granger causality tests.
4. The results show domestic investment has a positive and significant long-run impact on economic growth in Nigeria. There is also bidirectional short-run causality between domestic investment and economic growth.
Achievements and Limitations of Income-Led Growth of the Moon Government in K...Kang-Kook Lee
The document summarizes the achievements and limitations of South Korea's income-led growth strategy under President Moon from 2017-2019. It was largely successful in increasing wages and household income to boost consumption, but growth slowed in 2018 as investment declined. Real estate prices also rose rapidly, and more efforts are still needed to strengthen social welfare programs and reduce inequality further through tax policy.
The economic survey is a flagship document released by the Ministry of Finance that provides an overview of India's economic performance in the past year and an outlook for the coming year. This year's survey highlighted the government's major economic reforms like demonetization and GST, efforts to address non-performing assets through the bankruptcy code, and initiatives to support agriculture and stabilize GST implementation. It also discussed topics like the impact of temporary decoupling from other economies, slowing investment and savings rates, the feminization of the agriculture sector, and the potential benefits of reducing judicial pendency on the economy.
WHEN MONETARY POLICY FAILS, FISCAL POLICY IS USEDSambit Mishra
The document discusses the objectives and tools of monetary policy in India, including maintaining price stability, economic growth, and ensuring credit flows to support the economy. It also discusses trends in interest rates from 2004-2014, noting that rates generally increased from 2004-2007 as inflation rose, then rapidly increased in 2008-2009 due to high inflation, before decreasing from 2009-2010 to stimulate the economy during a recession. Coordination between monetary and fiscal policy is also summarized, with policies generally aligned except during the 2008 financial crisis when views differed on the size of economic stimulus.
The document summarizes recent market indicators and economic trends:
- Volatility has decreased this year as markets reach new highs, though uncertainty can rise temporarily. Investors should stay disciplined.
- Major central banks are keeping interest rates low and expanding their balance sheets to support economic growth.
- Declining labor force participation, retiring baby boomers, technology advances, and globalization are long-term factors impacting the job market.
- Job openings remain high as companies hire in anticipation of future demand.
- Inflation has begun to increase as the economy reaches new peaks following the Federal Reserve's actions to support markets.
The Economic Survey 2017-18 provides an overview of India's economic performance and outlook. It summarizes that GDP growth averaged over 7.5% from 2015-2016 to 2016-2017, driven primarily by consumption. However, growth is estimated to slow to 6.5% in 2017-2018 due to demonetization and GST implementation. Notable reforms improving the business environment include the Insolvency and Bankruptcy Code, GST tax unification, and a large bank recapitalization package to address the twin balance sheet crisis in banking and corporations. The Survey also highlights issues like gender imbalance and the need for infrastructure investment to sustain growth.
The Economic Survey 2017-18 provides an overview of India's economic performance and outlook. It summarizes that GDP growth averaged over 7.5% from 2015-2016 to 2016-2017, driven primarily by consumption. However, growth is estimated to slow to 6.5% in 2017-2018 due to demonetization and GST implementation. Notable reforms improving the business environment include the Insolvency and Bankruptcy Code, GST tax unification, and a large bank recapitalization package to address the twin balance sheet crisis in banking and corporations. The Survey also highlights issues like gender imbalance and the need for infrastructure investment to sustain growth.
The document summarizes key policy options for transforming Kenya's food systems to support economic growth and prosperity under the new Bottom-Up Economic Plan. The priorities include broadening from a food security to a food systems approach, accelerating industrialization and commercialization of the food system through mechanization, productivity and value addition, expanding access for smallholders through improved fertilizer access and credit, leveraging digital technologies, improving nutrition, and empowering women's participation. The transformations aim to reduce poverty, create jobs, improve diets and harness the food system's potential to address challenges from population growth and shocks like drought and the pandemic.
This document outlines the broad objectives of economic policy and management in Australia. It discusses objectives such as economic growth, full employment, price stability, external stability, environmental sustainability, and equitable distribution of income. Specific policies aimed at achieving these objectives are also mentioned, including fiscal policy, monetary policy, and microeconomic reforms. The document also provides an overview of the goals of Australian economic policy in 2022, which include economic recovery from COVID-19, reducing unemployment, increasing long-term productivity and growth, maintaining low inflation, and improving sustainability.
This document summarizes the 2017 OECD Economic Survey of China. It finds that while China's growth remains strong, it is slowing. Financial risks from high corporate debt are rising and need addressing. The report recommends making growth more resilient and inclusive by reducing barriers to entrepreneurship, improving corporate governance, strengthening the social safety net, and increasing environmental taxation to make growth greener.
The Economic Survey 2017-18 discusses the state of the Indian economy. It projects GDP growth of 6.75% for 2017-18 and estimates 7-7.5% growth for 2018-19. Some key highlights include the successful launch of GST, efforts to resolve non-performing assets through the Insolvency and Bankruptcy Code, and increased tax revenues through widening the tax base. The survey also notes challenges such as globalization backlash, stalling structural transformation, human capital regression, and climate change impacts on agriculture. Overall, it recommends completing ongoing reforms through cooperative federalism as the path forward.
The Economic Survey of India for 2017-19 summarizes the country's economic performance over the past year and provides projections for the coming year. It highlights India's temporary economic slowdown due to demonetization and GST implementation but expects growth to recover. The Survey also notes challenges like increasing investment and savings rates to achieve 8-10% growth, addressing income inequality, improving public services, and supporting the agricultural sector. Overall, the Survey presents an analysis of India's economy in the past year and a positive but cautious outlook for the coming year.
This document discusses entrepreneurship development and tax incentives in Nigeria. It aims to empirically investigate the relationship between tax incentives and entrepreneurship for improved job creation.
The study motivations include addressing Nigeria's high unemployment rate and poverty levels. It hypothesizes that tax incentives do not have a significant relationship with entrepreneurship development in Nigeria.
The study employs a survey of 255 entrepreneurs across various sectors in Lagos. It uses statistical analysis to examine the relationship between tax incentives and entrepreneurship development, and the implications for Nigeria's economic development goals.
This document discusses various measures of unemployment and inflation. It defines key terms like the unemployment rate, labor force participation rate, discouraged workers, underemployed, and others. It then explains how the unemployment rate is calculated using data from the labor force. The document also discusses different types of unemployment like cyclical, frictional, and structural unemployment. Finally, it covers inflation measures like the consumer price index, GDP deflator, producer price index, and how to calculate inflation rates using index numbers.
1) GDP is the total monetary value of goods and services produced in a country in a year. It is calculated as the sum of consumption, government spending, business investment, and net exports.
2) India's GDP has been increasing each year from 2015 to 2018, with growth rates ranging from 6.98% to 8.17% annually. However, GDP growth declined in recent years.
3) Inflation in India is measured using the Wholesale Price Index. India's inflation rate fluctuated between 2.49% and 5.87% from 2014 to 2018, declining overall in this period. Inflation is caused by factors that increase demand and costs of production.
This document defines and discusses fiscal policy in India. It begins by introducing fiscal policy and its objectives of stabilizing the economy. It then defines fiscal policy as involving government revenue collection through taxation and spending. The objectives and instruments of fiscal policy are outlined, including the budget, taxation, public expenditure, and public debt. Data on India's fiscal deficit is presented, showing it as a percentage of GDP from 2005-2014. The achievements and reforms of India's fiscal policy are highlighted, such as increasing resources and savings. The Fiscal Responsibility and Budget Management Act of 2003 is described as institutionalizing financial discipline and reducing deficits. Current fiscal policy targets reducing the deficit to 3% of GDP by 2017-2018.
Fiscal policy refers to government spending and taxation policies that influence macroeconomic conditions and economic activity. The key instruments of fiscal policy include the government budget, taxation, public expenditure, and public debt. In India, fiscal policy aims to achieve objectives like economic development, employment generation, and price stability. Recent fiscal reforms have focused on simplifying taxes, reducing deficits, and increasing the tax-to-GDP ratio through measures like rationalizing subsidies and disinvesting public sector units.
Fiscal policy refers to the government's use of spending and tax policies to influence economic conditions. The key instruments of fiscal policy are the budget, taxation, public expenditure, and public debt. Governments use fiscal policy to achieve macroeconomic goals like employment generation and economic growth. India's fiscal policy aims to stabilize the economy and reduce fiscal deficits. Recent reforms have aimed to simplify taxes, lower rates, and reduce non-essential spending.
Similar to Income-Led Growth in Korea: Evaluation and Prospects (20)
This document discusses the challenges of AI and automation for shared prosperity. While some studies warn of mass unemployment due to automation, others find the risk is lower and new jobs have historically emerged. Automation has contributed to rising inequality by reducing wages for routine middle-skill jobs. AI differs in its ability to replace non-routine labor, but most jobs will still require human skills. To maximize AI's benefits and minimize inequality, complementary reforms are needed like retraining, protecting workers, regulating tech companies, and investing in new labor-intensive industries like education and healthcare.
1. There is debate around the causes of current high inflation, with some arguing it is due to excess aggregate demand from fiscal stimulus while others point to supply-side factors like the pandemic, war in Ukraine, and labor force participation decline.
2. To reduce inflation, the Fed has raised interest rates rapidly since mid-2022, hoping for a soft landing, while others argue larger unemployment increases are needed. However, raising rates may not address supply problems and could lead to recession.
3. Alternative approaches to raising rates include price controls, social coordination of prices and wages, and addressing inequality, as inflation impacts lower-income households more. Underlying causes of inflation involve distribution and power dynamics between economic classes.
This document summarizes a lecture about Thomas Piketty's book "Capital in the Twenty-First Century" and its application to Korea. The lecture discusses Piketty's main findings on rising inequality due to capital accumulation outpacing economic growth. It also examines debates around Piketty's theoretical framework and measurements. In addition, the lecture applies Piketty's analysis to trends in Korea, finding rising capital ratios, the capital share, and implications for inequality and economic growth.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Income-Led Growth in Korea: Evaluation and Prospects
1. Income-Led Growth in Korea:
Evaluation and Prospects
University of Greenwich
November 22, 2018
Kang-Kook Lee
Ritsumeikan University
University of Cambridge
2. Income-Led Growth Strategy
by the Moon Government in Korea
• New Income-led growth by the new Korean government
• Raising wage and household income to promote aggregate
demand and growth, by raising minimum wage and expanding
social safety nets
• Based on wage-led growth by Post-Keynesians, and considering
Korean situation
• Examining the income-led growth strategy by the Korean
government, and presenting evaluation and prospects
• Direction is correct but real implementation is problematic, with
de facto austerity and not much redistribution
• Organizing political support necessary against strong criticism
3. Post-Keynesian Wage-Led Growth
and Its Evaluation
• Post-Kaleckian growth theory presents wage-led vs. profit-led,
integrating Keynes and Marx
• Demand side theory, contributing to integration of demand and supply
• Mainstream recognizes the importance of AD on long-run growth,
through hysteresis with long-run unemployment and endogenous
technology adoption (Ball, 2014; Anzoategui et al., 2017)
• Distribution between capital and labor affects AD and growth, compared
with mainstream ‘inclusive growth’ focusing on supply side
• Static, non-stochastic, partial equilibrium analyzing products market only
with no optimization
• If the wage share is endogenous and policy changes influence the
coefficients? Short/long term and AD/growth are a bit confusing
6. Empirical Studies of Wage-Led Growth
• Empirical studies of Post-Keynesian wage-led growth developed
• Structural, or single equation approach: studying the effect of wage
share on each components of GDP but endogeneity issue, wage-led
in major OECD countries, different for small-open economies
• Aggregative, or system equation approach: assuming endogenous
wage share and using VAR, reporting more profit-led results
• Single equation is more about longer-run results because
consumption effects take time while VAR result is shorter-run
(Blecker, 2016)
• Other methodologies including panel regressions or 2SLS
• Robustness of causality, omitted variables, short/long run results etc.
7. Empirical Studies of
Wage-Led Growth in Korea
• Empirical studies find that Korea is wage-led, after the 1997 financial crisis
• Sing equation approach finds that an increase in the wage share leads to a
large increase in consumption while no effects on investment and net
exports
• Using annual data, Hong (2009) and Onaran and Galanis (2014) report wage-
led but Kim (2013) finds profit-led with the negative effects on net export
• Using the better measure of the adjusted wage share and quarterly data,
Hong (2014a; 2014b), Jeon and Joo (2016) and Lee and Neoghi (2019a) with
the same model of Kim (2013) find the wage-led result
• Other methods also employed, Onara and Stockhammer (2005) using SVAR
report the wage-led regime, Jeong (2017) using SVAR also report the same,
while Lee and Neoghi (2019b) reports opposite
• Hwang (2009) using FM-GMM and Jeon and Jeong (2016) using ARDL
• Need to consider structural changes, income inequality and productivity
8.
9. Backgrounds of Income-Led Growth
• Falling wage share and rising income inequality after the 1997 financial crisis
due to neoliberal restructuring, labor market flexibilization, globalization and
aging
• Rising profit and corporate income highest in OECD while falling household
income and consumption, also investment and growth slowdown
• Real wage growth and domestic demand stagnation, leading to falling
productivity growth and economic growth
• Failure of deregulation and debt-led growth by conservative governments,
and the vicious circle of rising inequality and stagnating growth
• Thus, improving income distribution and raising wage to promote AD and
growth: income-led growth
• Wage-led growth from ILO introduced to Democratic Party from 2013, with
the rising criticism against conservative economics and spillover effects
17. Gini Coefficient in Korea compared with OECD,
Rather High Using New Statistics
Source: OECD, Statistics Korea
18. Income-Led Growth in Korea
and Policy Measures
• The Korean government growth strategy: Income-led growth, innovation-led
growth and fair growth
• Income-led growth: raising wage and household income to promote AD and
growth, with the low welfare and the high share of self-employed in Korea
• 1) Raising household income:
• raising minimum wage (16.4% in 2018, 10.9% in 2019), introducing job
stabilization fund (3 trillion won in 2018), reducing rent for self-employed,
reducing living cost such as medical cost, providing public housing
• 2) Expanding social safety net and welfare:
• expanding unemployment insurance (from mid- 2018), raising EITC (from 1.2
trillion to 2.6 trillion in 2019), introducing new child benefit (1.9 trillion won
and more in 2019), raising elderly pension (2.4 trillion more budget in 2019),
12% growth of welfare budget in 2019
•
21. Debates on Income-Led Growth:
Criticisms and Anti-Criticisms
• Income-led growth is not good for export-led Korea: but the effect on net
export is limited since main exports are capital and tech intensive, and
export markets are in monopolistic competition
• Raising wage hampers investment? But no evidence, investment is affected
by AD and stagnated after the 1997 crisis
• Just short-term boost for the economy? But AD matters to long-run growth
(Cerra and Saxena, 2018) and consumption effect takes time
• Productivity growth? But promoting AD could encourage it
• Regulatory reform or industrial policy for innovation is necessary, but
equality and income-led growth are conducive to innovation
• More effective policy measures should be developed with the strong role of
the government for equality-led growth with redistribution and public
investment
22. Minimum Wage Increase and
Income-Led Growth in Korea
• The most important policy to raise the wage share: plan to raise
minimum wage from 7350 won in 2017 to 10000 won in 2020 (16.4% in
2018, 10.9% in 2019)
• Politically easier policy tool compared with other measures
• Job stabilization fund given to employers hiring minimum wage workers,
supporting 9% of minimum wage (16.4% - former 5 years’ average 7.4%),
about 3 trillion won budget in 2018 and 2019, but temporary
• Concerns about its rapid raise to lead to conflicts between the weak and
negative effects on employment because of the high share of poor self-
employed and small companies
• Internationally high compared with other OECD countries, and the share
of affected workers and those with less than minimum wage rising fast
• Other efforts to reduce rent, raise prices and and establish fair trade
28. Employment in Labor Market in 2018
• Many report that mild minimum wage increase would not affect
employment (Allegretto et al., 2016; Card and Krueger, 2004)
• Conflicting results of the effect of minimum wage increase on
employment in Korea (Lee, 2018), but its raise is too rapid
• Significant slowdown in job creation recently, so heated debates
• Stagnation in the manufacturing industry (auto, shipbuilding),
demographic change, decrease of Chinese tourists mattered to
stagnating job creation
• Maybe the negative effect of minimum wage increase on food and
lodging industry, but trend and economic cycles should be considered
• Hard to raise minimum wage rapidly under the stagnating economy
in Korea, and need to think of ‘fallacy of division’ or reverse of
‘paradox of cost’ with the limitation of ‘aggregate approach’
33. Growth and Distribution in Korea
under Income-Led Growth
• Recent slowdown of economic growth: consumption ok but serious
fall of investment, and uncertain international environments
• Stagnant job creation, affected by weakening manufacturing sector,
demographic changes and partly raising minimum wage
• Income distributions worsened in 2018, with continuous increase in
income by top 10% while significant decrease in income by the poor,
especially self-employed (partly related with changes in survey
data?)
• Income-led growth not yet successful in terms of growth and
distribution, but the wage share is expected to rise in 2018
• Much more efforts for redistribution and social welfare are needed,
including raising tax for the wealthy and real estate
40. Problem of De Facto Austerity
in Fiscal Policy in Korea
• The government announced that they are ‘Keynesian’, introducing larger
budget for 2018 with about 7% increase from the 2017 budget, and
supplementary budget for 2017 and 2018
• However, not so expansionary in reality because of more tax revenue than
originally estimated, 14.9 trillion won more in 2017 compared with 2017
revised budget, and about 30 trillion won more in 2018 (1.7% of GDP)
• As a result, de facto austerity, with rising fiscal surplus, seen by cyclically
adjusted primary surplus and fiscal impact index
• The mistake of estimating tax revenue, maybe related with former
overestimation in 2013-14 or their intentional act due to fiscal soundness
• 9.7% increase of budget in 2019, but more is needed with balanced budget
in integrated fiscal balance (managed fiscal balance is with more deficit)
• Serious failure in fiscal expansion with income-led growth policies
42. No Fiscal Expansion in Korea after 2016
Source: International Monetary Fund, Fiscal Monitor
43. Upgrading Income-Led Growth is Called on
Based on Political Support
• Income-led growth 2.0 with more fiscal expansion, and social welfare
and redistribution called on
• More efforts for fair economy to reduce the gap between large and
small companies, and to reform dualized labor market structure
• The stronger industrial policy by the government also necessary
• How to organize political support (still more than half support) and
intellectuals’ backing matter, given the conservative criticism
• Conservatives argue for deregulation and innovation-led growth, but
equality and income-led growth are conducive to innovation and
long-run growth
• Korean Left should present vision and feasible policy measures
46. Concluding Remarks
• Income-led growth is a new economic paradigm in
Korea: good direction but problematic implementation
• De facto austerity and not much efforts for
redistribution and progressive structural reform
• Not so successful in terms of growth and distribution
• The president still seems to have a will but more
feasible and effective policy measures are necessary
• How to organize political support given the criticism and
the recent slowdown of the economy?