Press release for the St. Petersburg International Economic Forum (SPIEF), which will be held on 18-20th of June 2015, with support and participation of the President of the Russian Federation Vladimir Putin.
The efforts to stabilize the Moldovan economy after the crisis of 1998 have been largely successful. The country avoided international default as current account position radically improved, cooperation with international financial institutions was re-established and a significant primary fiscal surplus was achieved. As a result, the exchange rate was stabilised and inflation substantially reduced. Moreover, several important structural reforms were implemented and privatisation of key-industries pursued with much more determination than previously. However, only economic growth would bring real solutions to the persistent problems of external and internal imbalances of the Moldovan economy and would allow the country to face its heavy debt burden in the future. Unfortunately, prospects for sustainable growth remain weak, as the most important issues that constrain private entrepreneurship and investments have not been effectively tackled. These issues include: lack of territorial integrity, ineffective legal system, widespread corruption and rent seeking. It is unlikely that these problems can be solved until the Moldovan parliament assumes full ownership of reform process.
Authored by: Larisa Lubarova, Oleg Petrushin, Artur Radziwill
Published in 2000
This paper focuses on roots of strain in the European Monetary Union (EMU). It argues that there is need for a thorough reform of the governance structure of the Union in conjunction with radical changes in the regulation and supervision of financial markets. Financial intermediation has gone astray in recent decades and entailed a big bubble in the industrialized world. Waves of financial deregulation have enhanced systemic risks, via speculative behavior and growing inter-connectedness. Moreover, the EMU was sub-optimal from its debut and competitiveness gaps did not diminish against the backdrop of its inadequate policy and institutional design. The euro zone crisis is not related to fiscal negligence only; over-borrowing by the private sector and poor lending by banks, as well as a one-sided monetary policy, also explain this debacle. The EMU needs to complement its common monetary policy with solid fiscal/budget underpinnings. Fiscal rules and sanctions are necessary, but not sufficient. A common treasury (a federal budget) is needed in order to help the EMU absorb shocks and forestall confidence crises. A joint system of regulation and supervision of financial markets should operate. Emergency measures have to be comprehensive and acknowledge the necessity of a lender of last resort; they have to combat vicious circles. Structural reforms and EMU level policies are needed to enhance competitiveness in various countries and foster convergence. The EU has to work closely with the US and other G20 members in order to achieve a less unstable global financial system.
Authored by: Daniel Daianu
Published in 2012
After a long period in which state-led development was the dominant economic paradigm, since the 1980s private sector development has been the focus for economic policy makers. It is probably no coincidence that economic growth, stagnant for a few decades in much of the developing world, took off in the 1990s after this policy shift, and has generally remained high (in spite of a wave of crises and recessions in the late 1990s and early 2000s). Privatization has made a great deal of progress in the developing world, particularly in Latin America, though the Middle East and North Africa (MENA) have lagged somewhat.
Authored by: Richard Woodward, Mehdi Safavi, Piotr Kozarzewski
Published in 2012
This study seeks to determine the extent to which countries of the former Soviet Union are "infected" by the Dutch Disease. We take a detailed look at the functioning of the transmission mechanism of the Dutch Disease, i.e. the chains that run from commodity prices to real output in manufacturing. We complement this with two econometric exercises. First, we estimate nominal and real exchange rate models to see whether commodity prices are correlated with the exchange rate. Second, we run growth equations to analyse the possible effects of commodity prices and the dependency of economic growth on natural resources.
Authored by: Balazs Egert
Published in 2009
Factors and types of regional development in Russia Stepan Zemtsov
The economic growth in large developing countries (China, India, Brazil, Mexico, etc.), based on the interaction with other countries (trade, technology transfer and migration), in theory and in practice is accompanied by a sharp increase in regional differentiation. Regions-exporters, as well as regions with an advantageous geographical position (border and coastal regions) have higher rates of growth, and they eventually achieve higher levels of development.
In Russia, the 2000s was a period of rapid economic growth, based on export of raw materials, food and weapons. The growth increased regional disparities, but unlike many developing countries, an effective system of inter-regional equalization was established in Russia due to the tax and budget reforms.
The purpose of the paper was to identify the main factors of economic development of the Russian regions, especially in international context.
The The purpose of this paper is to analyze the various challenges facing European integration and the EU institutional architecture as result of the global financial crisis. The European integration process is not yet complete, both in terms of its content and geographical coverage. It can be viewed as a kind of intermediate hybrid between an international organization and a federation, subject to further evolution. This is also true of the Single European Market and the Economic and Monetary Union, which form the core of the EU economic architecture. Certain policy prerogatives (such as external trade, competition, and the Common Agriculture Policy) are delegated to the supranational level while others (such as financial supervision or fiscal policy) remain largely in the hands of national authorities.
Authored by: Marek Dąbrowski
Published in 2009
The efforts to stabilize the Moldovan economy after the crisis of 1998 have been largely successful. The country avoided international default as current account position radically improved, cooperation with international financial institutions was re-established and a significant primary fiscal surplus was achieved. As a result, the exchange rate was stabilised and inflation substantially reduced. Moreover, several important structural reforms were implemented and privatisation of key-industries pursued with much more determination than previously. However, only economic growth would bring real solutions to the persistent problems of external and internal imbalances of the Moldovan economy and would allow the country to face its heavy debt burden in the future. Unfortunately, prospects for sustainable growth remain weak, as the most important issues that constrain private entrepreneurship and investments have not been effectively tackled. These issues include: lack of territorial integrity, ineffective legal system, widespread corruption and rent seeking. It is unlikely that these problems can be solved until the Moldovan parliament assumes full ownership of reform process.
Authored by: Larisa Lubarova, Oleg Petrushin, Artur Radziwill
Published in 2000
This paper focuses on roots of strain in the European Monetary Union (EMU). It argues that there is need for a thorough reform of the governance structure of the Union in conjunction with radical changes in the regulation and supervision of financial markets. Financial intermediation has gone astray in recent decades and entailed a big bubble in the industrialized world. Waves of financial deregulation have enhanced systemic risks, via speculative behavior and growing inter-connectedness. Moreover, the EMU was sub-optimal from its debut and competitiveness gaps did not diminish against the backdrop of its inadequate policy and institutional design. The euro zone crisis is not related to fiscal negligence only; over-borrowing by the private sector and poor lending by banks, as well as a one-sided monetary policy, also explain this debacle. The EMU needs to complement its common monetary policy with solid fiscal/budget underpinnings. Fiscal rules and sanctions are necessary, but not sufficient. A common treasury (a federal budget) is needed in order to help the EMU absorb shocks and forestall confidence crises. A joint system of regulation and supervision of financial markets should operate. Emergency measures have to be comprehensive and acknowledge the necessity of a lender of last resort; they have to combat vicious circles. Structural reforms and EMU level policies are needed to enhance competitiveness in various countries and foster convergence. The EU has to work closely with the US and other G20 members in order to achieve a less unstable global financial system.
Authored by: Daniel Daianu
Published in 2012
After a long period in which state-led development was the dominant economic paradigm, since the 1980s private sector development has been the focus for economic policy makers. It is probably no coincidence that economic growth, stagnant for a few decades in much of the developing world, took off in the 1990s after this policy shift, and has generally remained high (in spite of a wave of crises and recessions in the late 1990s and early 2000s). Privatization has made a great deal of progress in the developing world, particularly in Latin America, though the Middle East and North Africa (MENA) have lagged somewhat.
Authored by: Richard Woodward, Mehdi Safavi, Piotr Kozarzewski
Published in 2012
This study seeks to determine the extent to which countries of the former Soviet Union are "infected" by the Dutch Disease. We take a detailed look at the functioning of the transmission mechanism of the Dutch Disease, i.e. the chains that run from commodity prices to real output in manufacturing. We complement this with two econometric exercises. First, we estimate nominal and real exchange rate models to see whether commodity prices are correlated with the exchange rate. Second, we run growth equations to analyse the possible effects of commodity prices and the dependency of economic growth on natural resources.
Authored by: Balazs Egert
Published in 2009
Factors and types of regional development in Russia Stepan Zemtsov
The economic growth in large developing countries (China, India, Brazil, Mexico, etc.), based on the interaction with other countries (trade, technology transfer and migration), in theory and in practice is accompanied by a sharp increase in regional differentiation. Regions-exporters, as well as regions with an advantageous geographical position (border and coastal regions) have higher rates of growth, and they eventually achieve higher levels of development.
In Russia, the 2000s was a period of rapid economic growth, based on export of raw materials, food and weapons. The growth increased regional disparities, but unlike many developing countries, an effective system of inter-regional equalization was established in Russia due to the tax and budget reforms.
The purpose of the paper was to identify the main factors of economic development of the Russian regions, especially in international context.
The The purpose of this paper is to analyze the various challenges facing European integration and the EU institutional architecture as result of the global financial crisis. The European integration process is not yet complete, both in terms of its content and geographical coverage. It can be viewed as a kind of intermediate hybrid between an international organization and a federation, subject to further evolution. This is also true of the Single European Market and the Economic and Monetary Union, which form the core of the EU economic architecture. Certain policy prerogatives (such as external trade, competition, and the Common Agriculture Policy) are delegated to the supranational level while others (such as financial supervision or fiscal policy) remain largely in the hands of national authorities.
Authored by: Marek Dąbrowski
Published in 2009
The paper discusses possible directions and magnitudes of the relationship between the social security driven tax wedge, employment and shadow employment in Russia and Ukraine. The first section presents a summary of the economic and institutional background for development of the current size and structure of the socially driven tax wedge in both countries. The second section presents some theoretical considerations on the relationship between the social protection system, tax wedge, non-employment and finally, shadow employment. The third section contains an attempt to econometrically estimate the magnitude of the possible relationship between the tax wedge and total employment rates in both countries. In the fourth section, the authors try to discover the mechanism of influence of the last reform of the Ukrainian payroll tax system on the structure and size of shadow employment in the country. The last analytical section closes the circle leading the reader back from shadow employment to wages and finally to the issue of access to social security institutions. The last section concludes.
Authored by: Marek Gora, Oleksandr Rohozynsky, Irina Sinitsina, Mateusz Walewski
Published in 2009
This paper proposes a new method for measuring the degree to which the domestic capital stock is self-financed. The main idea is to use the national accounts to construct a self-financing ratio, indicating what would have been the autarky stock of tangible capital supported by actual past domestic past saving, relative to the actual stock of capital. We use the constructed measure of self-financing to evaluate the impact of the growing global financial integration on the sources of financing domestic capital stocks in developing countries. On average, 90% of the stock of capital in developing countries is self financed, and this fraction was surprisingly stable throughout the 1990s. The greater integration of financial markets has not changed the dispersion of self-financing rates, and the correlation between changes in de-facto financial integration and changes in self-financing ratios is statistically insignificant. There is no evidence of any "growth bonus" associated with increasing the financing share of foreign savings. In fact, the evidence suggests the opposite: throughout the 1990s, countries with higher self-financing ratios grew significantly faster than countries with low self-financing ratios. This result persists even after controlling growth for the quality of institutions. We also find that higher volatility of the self-financing ratios is associated with lower growth rates, and that better institutions are associated with lower volatility of the self-financing ratios. These findings are consistent with the notion that financial integration may have facilitated diversification of assets and liabilities, but failed to offer new net sources of financing capital in developing countries.
Authored by: Joshua Aizenman, Brian Pinto, Artur Radziwill
Published in 2004
In the context of the systemic transformation of international relations and the global challenges of the new order, States faced a whole range of problems, the solution of which was beyond the power of individual institutions or structures at the regional or global levels. It was the states at the individual and collective levels that were able to mobilize internal and external financial resources, work out a package of anti crisis measures and keep the development of their own economies in a relatively resistant state, and ensure the revival of the dynamics of development. Ulugbeck A. Khasanov | Khabibullo Sadibakosev "Imperative of Nation-State in Modern World" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38581.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/38581/imperative-of-nationstate-in-modern-world/ulugbeck-a-khasanov
The introduction of Moldovan leu has been accompanied by a monetary stabilisation policy that until 1998 proved to be one of the most successful among FSU countries. The leu showed a remarkable stability and the rate of inflation was brought down to around 10% in 1997. However, fiscal policy was driven by inertia and pressure groups, reflecting the slow path of structural reforms and the general weakness of the state. Loose fiscal policy in turn reduced the determination in reforming state structures. Arrears and nettingout operations led to the development of the non-payment culture. At macroeconomic level, expansionary fiscal policy led to high absorption in the economy that was not met by the supply side response due to the impeded restructuring process, which fuelled imports and deteriorated trade balance. The ultimate result of the policy mix was the rapid accumulation of external debt and expenditure arrears. The unsustainability of both internal and external position of the state led to the inevitable financial crisis. The turmoil that followed in 1998 the crisis in Russia was a catalyst that speeded up the collapse of monetary stabilization. The capital account losses (capital flight) immediately brought the country to the verge of default. The abrupt and probably persistent loss of major export markets will affect the real economic activity over a longer period. More over, the crisis may create a window opportunity for accelerating Moldovan reforms. A critical situation makes the public and policy makers more likely to accept the painful measures that are necessary to revert the negative tendencies accumulated in recent years, while the large external debt makes the country fully dependent on the co-operation with international organizations, especially the IMF. Indeed, the new cabinet of young and liberal reformers voted in March 1999 initiated a more energetic program of reforms. Likewise, the decline of exports to Russia forced Moldovan enterprises to search new export possibilities for many producers trying to enter non-traditional western markets.
Authored by: Artur Radziwill, Octavian Scerbatchi, Constantin Zaman
Published in 2000
- Dual MA degree from KSE and the University of Houston.
- Taught entirely in English, using western textbooks, by the best economists in Ukraine, with PhDs from Cornell, California/Berkeley, Pittsburgh, etc.
- Powerful alumni network, including high-tier managers in multinational companies: PWC, Ernst&Young, KPMG, Deloitte & Touche, Bain, Civitta, Roland Berger, ING, UniCredit/ UkrSotsBank, PNB Paribas/UkrSibBank, Raifffeisen/Aval, OTP Bank, Credit Agricole, CitiBank, Barclays, Morgan Stanley, Bear Stearns, Rothschild, Moodys, Dragon Capital, EastOne, CASE, ICPS, Nielsen, GfK-USM, Kraft Foods/Mondelez, Mars, Nestle, Coca Cola, Proctor&Gamble, Unilever, Xerox, AIG, Luxsoft, EPAM, ABB, Bunge, ADM, KyivStar, MTS, JTI, Philip Morris, Shell and many others.
Migration of capital, transnationalization of the world economy jung boramiriotas
Translated version of International Economics Master thesis from the St. Petersburg State University of Economics & Finance in 2008.
(Original is in Russian)
English version is also available.
The Stockholm Institute of Transition Economics (SITE) has the pleasure to invite you to the presentation of the IMF’s flagship publication, the World Economic Outlook (WEO) April 27, 2016. The publication provides a macro economic outlook of the world economy as well as two thematic chapters.
Read more: https://www.hhs.se/site
Labor migration from Eastern Europe and the member countries of Commonwealth of Independent States (CIS) to the Western countries became an important socio-economic issue. Since political systems and the nature of border management in these regions, migrations turned out to be a very complex and unpredictable issue. The purpose of this study is to analyze the region specific actors, practices and policies of migration in the Eastern countries, the possible scenarios and demographic consequences of the future migration flows. In order to address this issue properly, some of the complexities of labor migration phenomenon in the region are uncovered.
Authored by: Xavier Chojnicki, Ainura Uzagalieva
Published in 2008
The paper shows that the question that is relevant for the debate on the efficacy of development assistance is not so much as an issue of how much, but rather for what. In view of the growing awareness of ODA’s inefficiency in achieving intended aims, this paper proposes an alternative approach to development assistance policies – economic integration and subsidiarity provides the conditions necessary for ODA to produce higher rates of economic growth on a sustainable basis. Europe is an excellent case in point, in this context. Europe has in the last decades experienced a number of success stories in moving out of poverty and onto sustainable economic growth. The secret of success has been the push towards economic integration, and the adoption of economic reforms at the local, national, and regional level conducive to economic growth. The recipient countries of development assistance have much to learn from the European experience.
This article investigates capital markets in Sub-Saharan Africa, their opportunities and risks. The article compares their depth, liquidity, investment opportunities and risk profile. While the capital need is there, the market is often more readily suited for FDI than portfolio investors.
The Eurozone crisis mobilises an appreciable amount of the attention of politicians and the public, with calls for a decisive defence of the euro, because the single currency’s demise is said to be the beginning of the end of the EU and Single European Market. In our view, preserving the euro may result in something completely different than expected: the disintegration of the EU and the Single European Market rather than their further strengthening. The fundamental problem with the common currency is individual countries’ inability to correct their external exchange rates, which normally constitutes a fast and efficient adjustment instrument, especially in crisis times.
Europe consists of nation states that constitute the major axes of national identity and major sources of government’s legitimisation. Staying within the euro zone may sentence some countries – which, for whatever reason, have lost or may lose competitiveness – to economic, social and civilizational degradation, and with no way out of this situation. This may disturb social and political cohesion in member countries, give birth to populist tendencies that endanger the democratic order, and hamper peaceful cooperation in Europe. The situation may get out of control and trigger a chaotic break-up of the euro zone,
threatening the future of the whole EU and Single European Market.
In order to return to the origins of European integration and avoid the chaotic break-up of the euro zone, the euro zone should be dismantled in a controlled manner. If a weak country were to leave the euro zone, it would entail panic and a banking system collapse. Therefore we opt for a different scenario, in which the euro area is slowly dismantled in such a way that the most competitive countries or group of such countries leave the euro zone. Such a step would create a new European currency regime based on national currencies or currencies serving groups of homogenous countries, and save EU institutions along with the Single European Market.
This paper has been also published in "German Economic Review" (Volume 14, Issue 1, pages 31–49, February 2013)
Authored by: Stefan Kawalec and Ernest Pytlarczyk
The paper discusses possible directions and magnitudes of the relationship between the social security driven tax wedge, employment and shadow employment in Russia and Ukraine. The first section presents a summary of the economic and institutional background for development of the current size and structure of the socially driven tax wedge in both countries. The second section presents some theoretical considerations on the relationship between the social protection system, tax wedge, non-employment and finally, shadow employment. The third section contains an attempt to econometrically estimate the magnitude of the possible relationship between the tax wedge and total employment rates in both countries. In the fourth section, the authors try to discover the mechanism of influence of the last reform of the Ukrainian payroll tax system on the structure and size of shadow employment in the country. The last analytical section closes the circle leading the reader back from shadow employment to wages and finally to the issue of access to social security institutions. The last section concludes.
Authored by: Marek Gora, Oleksandr Rohozynsky, Irina Sinitsina, Mateusz Walewski
Published in 2009
This paper proposes a new method for measuring the degree to which the domestic capital stock is self-financed. The main idea is to use the national accounts to construct a self-financing ratio, indicating what would have been the autarky stock of tangible capital supported by actual past domestic past saving, relative to the actual stock of capital. We use the constructed measure of self-financing to evaluate the impact of the growing global financial integration on the sources of financing domestic capital stocks in developing countries. On average, 90% of the stock of capital in developing countries is self financed, and this fraction was surprisingly stable throughout the 1990s. The greater integration of financial markets has not changed the dispersion of self-financing rates, and the correlation between changes in de-facto financial integration and changes in self-financing ratios is statistically insignificant. There is no evidence of any "growth bonus" associated with increasing the financing share of foreign savings. In fact, the evidence suggests the opposite: throughout the 1990s, countries with higher self-financing ratios grew significantly faster than countries with low self-financing ratios. This result persists even after controlling growth for the quality of institutions. We also find that higher volatility of the self-financing ratios is associated with lower growth rates, and that better institutions are associated with lower volatility of the self-financing ratios. These findings are consistent with the notion that financial integration may have facilitated diversification of assets and liabilities, but failed to offer new net sources of financing capital in developing countries.
Authored by: Joshua Aizenman, Brian Pinto, Artur Radziwill
Published in 2004
In the context of the systemic transformation of international relations and the global challenges of the new order, States faced a whole range of problems, the solution of which was beyond the power of individual institutions or structures at the regional or global levels. It was the states at the individual and collective levels that were able to mobilize internal and external financial resources, work out a package of anti crisis measures and keep the development of their own economies in a relatively resistant state, and ensure the revival of the dynamics of development. Ulugbeck A. Khasanov | Khabibullo Sadibakosev "Imperative of Nation-State in Modern World" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38581.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/38581/imperative-of-nationstate-in-modern-world/ulugbeck-a-khasanov
The introduction of Moldovan leu has been accompanied by a monetary stabilisation policy that until 1998 proved to be one of the most successful among FSU countries. The leu showed a remarkable stability and the rate of inflation was brought down to around 10% in 1997. However, fiscal policy was driven by inertia and pressure groups, reflecting the slow path of structural reforms and the general weakness of the state. Loose fiscal policy in turn reduced the determination in reforming state structures. Arrears and nettingout operations led to the development of the non-payment culture. At macroeconomic level, expansionary fiscal policy led to high absorption in the economy that was not met by the supply side response due to the impeded restructuring process, which fuelled imports and deteriorated trade balance. The ultimate result of the policy mix was the rapid accumulation of external debt and expenditure arrears. The unsustainability of both internal and external position of the state led to the inevitable financial crisis. The turmoil that followed in 1998 the crisis in Russia was a catalyst that speeded up the collapse of monetary stabilization. The capital account losses (capital flight) immediately brought the country to the verge of default. The abrupt and probably persistent loss of major export markets will affect the real economic activity over a longer period. More over, the crisis may create a window opportunity for accelerating Moldovan reforms. A critical situation makes the public and policy makers more likely to accept the painful measures that are necessary to revert the negative tendencies accumulated in recent years, while the large external debt makes the country fully dependent on the co-operation with international organizations, especially the IMF. Indeed, the new cabinet of young and liberal reformers voted in March 1999 initiated a more energetic program of reforms. Likewise, the decline of exports to Russia forced Moldovan enterprises to search new export possibilities for many producers trying to enter non-traditional western markets.
Authored by: Artur Radziwill, Octavian Scerbatchi, Constantin Zaman
Published in 2000
- Dual MA degree from KSE and the University of Houston.
- Taught entirely in English, using western textbooks, by the best economists in Ukraine, with PhDs from Cornell, California/Berkeley, Pittsburgh, etc.
- Powerful alumni network, including high-tier managers in multinational companies: PWC, Ernst&Young, KPMG, Deloitte & Touche, Bain, Civitta, Roland Berger, ING, UniCredit/ UkrSotsBank, PNB Paribas/UkrSibBank, Raifffeisen/Aval, OTP Bank, Credit Agricole, CitiBank, Barclays, Morgan Stanley, Bear Stearns, Rothschild, Moodys, Dragon Capital, EastOne, CASE, ICPS, Nielsen, GfK-USM, Kraft Foods/Mondelez, Mars, Nestle, Coca Cola, Proctor&Gamble, Unilever, Xerox, AIG, Luxsoft, EPAM, ABB, Bunge, ADM, KyivStar, MTS, JTI, Philip Morris, Shell and many others.
Migration of capital, transnationalization of the world economy jung boramiriotas
Translated version of International Economics Master thesis from the St. Petersburg State University of Economics & Finance in 2008.
(Original is in Russian)
English version is also available.
The Stockholm Institute of Transition Economics (SITE) has the pleasure to invite you to the presentation of the IMF’s flagship publication, the World Economic Outlook (WEO) April 27, 2016. The publication provides a macro economic outlook of the world economy as well as two thematic chapters.
Read more: https://www.hhs.se/site
Labor migration from Eastern Europe and the member countries of Commonwealth of Independent States (CIS) to the Western countries became an important socio-economic issue. Since political systems and the nature of border management in these regions, migrations turned out to be a very complex and unpredictable issue. The purpose of this study is to analyze the region specific actors, practices and policies of migration in the Eastern countries, the possible scenarios and demographic consequences of the future migration flows. In order to address this issue properly, some of the complexities of labor migration phenomenon in the region are uncovered.
Authored by: Xavier Chojnicki, Ainura Uzagalieva
Published in 2008
The paper shows that the question that is relevant for the debate on the efficacy of development assistance is not so much as an issue of how much, but rather for what. In view of the growing awareness of ODA’s inefficiency in achieving intended aims, this paper proposes an alternative approach to development assistance policies – economic integration and subsidiarity provides the conditions necessary for ODA to produce higher rates of economic growth on a sustainable basis. Europe is an excellent case in point, in this context. Europe has in the last decades experienced a number of success stories in moving out of poverty and onto sustainable economic growth. The secret of success has been the push towards economic integration, and the adoption of economic reforms at the local, national, and regional level conducive to economic growth. The recipient countries of development assistance have much to learn from the European experience.
This article investigates capital markets in Sub-Saharan Africa, their opportunities and risks. The article compares their depth, liquidity, investment opportunities and risk profile. While the capital need is there, the market is often more readily suited for FDI than portfolio investors.
The Eurozone crisis mobilises an appreciable amount of the attention of politicians and the public, with calls for a decisive defence of the euro, because the single currency’s demise is said to be the beginning of the end of the EU and Single European Market. In our view, preserving the euro may result in something completely different than expected: the disintegration of the EU and the Single European Market rather than their further strengthening. The fundamental problem with the common currency is individual countries’ inability to correct their external exchange rates, which normally constitutes a fast and efficient adjustment instrument, especially in crisis times.
Europe consists of nation states that constitute the major axes of national identity and major sources of government’s legitimisation. Staying within the euro zone may sentence some countries – which, for whatever reason, have lost or may lose competitiveness – to economic, social and civilizational degradation, and with no way out of this situation. This may disturb social and political cohesion in member countries, give birth to populist tendencies that endanger the democratic order, and hamper peaceful cooperation in Europe. The situation may get out of control and trigger a chaotic break-up of the euro zone,
threatening the future of the whole EU and Single European Market.
In order to return to the origins of European integration and avoid the chaotic break-up of the euro zone, the euro zone should be dismantled in a controlled manner. If a weak country were to leave the euro zone, it would entail panic and a banking system collapse. Therefore we opt for a different scenario, in which the euro area is slowly dismantled in such a way that the most competitive countries or group of such countries leave the euro zone. Such a step would create a new European currency regime based on national currencies or currencies serving groups of homogenous countries, and save EU institutions along with the Single European Market.
This paper has been also published in "German Economic Review" (Volume 14, Issue 1, pages 31–49, February 2013)
Authored by: Stefan Kawalec and Ernest Pytlarczyk
Development of Russian–Chinese Trade, Economic, Financial and Cross-Border Re...Russian Council
This Working Paper was prepared as part of a research project concerning the development of strategic partnership and constructive cooperation between Russia and China carried out by the Russian International Affairs Council (RIAC).
The authors present the results of a comprehensive review of Russian–Chinese trade, economic, financial and cross-border relations, analyse the impact of strengthening bilateral cooperation between the Russian Federation and the People’s Republic of China on the prospects of a “partnership for modernization”, and offer some recommendations in the area of bilateral relations and the development of Eastern Siberia and the Russian Far East.
G20, G8, BRICS development momentum and interests of RussiaRussian Council
The report presents key findings and recommendations of several scientific and expert workshops conducted by Russian International Affairs Council within the project «Increasing the effectiveness of Russia’s Participation in G8, G20, and BRICS in accordance with the Priorities and National Interests of Russia».
Cooperation between the Russian Federation and the Arab Republic of Egypt: Op...Russian Council
Working paper prepared by the Russian International Affairs Council (RIAC) within the project «Middle East: Political Dynamics and Russia’s Interests». The authors examine the main trends in the development of the political and economic situation in Egypt, analyze the state of Russian-Egyptian relations, lead recommendations for their further development, examine the role of Egypt through the prism of the exacerbation of regional conflicts and threats in the Middle East, analyze the prospects for Russian-Egyptian cooperation in addressing regional problems.
Second International Conference “Russia and China: Taking on a New Quality of...Russian Council
On May 30-31, 2016 Russian International Affairs Council held the Second International Conference titled “Russia and China: Taking on a New Quality of Bilateral Relations”. Senior officials, academics, experts on various aspects of bilateral relations, as well as representatives of businesses and media from both Russia and China took part in the Conference. The plenary and expert sessions of the Conference discussed priority areas of Russia–China bilateral and multilateral cooperation. Particular attention was given to coordinating Russia and China’s efforts channeled into developing global governance institutions and ensuring security in Northeast Asia, to the prospects for interaction within the Russia – India – China triangle, to the issues of infrastructure and economic cooperation in Eurasia, to the impact both internal and external factors have on the quality and volume of the Russia-China trade, to the prospects for implementing bilateral projects in education and culture, in the media sphere, and to the joint search for solutions to the current environmental problems.
Russia's Lost Decade? Challenges to Growth, Recipes for AccelerationAndrey Shapenko
The Russian economy today is going through a critical stage. The growth model, which catapulted the country into the world’s top ten economies’ list has been exhausted and most experts believe that Russia is facing a long period of low or no growth. While the world is moving forward, Russia’s standing still. Hovering anxiously in one place means its economy is becoming smaller and is further increasing its competitive gap.
The ailing economy is often blamed on the falling oil prices combined with the economic sanctions that were imposed on Russia in 2014. However, the array of challenges that the economy is facing today is much broader than that, and the recession in Russia has deeper roots.
This report represents an attempt to discuss those roots and to summarize economic agenda that the country's leadership will face on the way to restart growth, amid the 2018 presidential elections. This agenda will define economic and fiscal policy over the next 5-10 years, and thus will impact anyone who is doing business or going to invest in the country.
The G20 Foundation is an independent platform formed to help develop a framework for better global governance.
As an intermediary platform, the G20 Foundation positions itself as process enabler and a facilitator between governments, business, and academia within the G20 process.
We add value through encouraging broader public consensus and understanding of the G20 commitments which leads to higher accountability and raises effectiveness of a governance process.
As a non-partisan think tank, we stimulate constructive and effective discussions within “Outreach Dialogue” in order to support the implementation of the G20 commitments on a national level.
Thereby we foster the development of innovative solutions to global challenges, such as economic stability and sustainable growth.
Russian–Chinese Dialogue: The 2016 Model: Report No. 25/2016Russian Council
This report presents the results of analysis of the state of Russia–China relations in 2015 and the first quarter of 2016.
Leading experts from Russia and China study key foreign policy interests of the two countries, their trade and economic bilateral relations, including investment, transport and energy projects. Special attention is given to security in Eurasia and the role of multilateral institutions in guaranteeing security, the alignment of the Eurasian Economic Union and the Silk Road Economic Belt projects, as well as Russia–China scientific, educational and cultural cooperation.
The content of the annual joint report is aimed at improving the effectiveness of the main areas of bilateral cooperation between Russia and China and bringing the opinions of the expert and academic community to the political leadership of the two countries.
Policy And Politics International Perspective Paper, H. John Heinz III School of Public Policy and Management, Carnegie Mellon University, Spring 2006:
The Soviet economy and society declined in the following decades until General Secretary Mikhail GORBACHEV (1985-91) introduced glasnost (openness) and perestroika (restructuring) in an effort to renovate Communism, but his initiatives unintentionally released forces that by December 1991 splintered the USSR into Russia and 14 other independent republics. Since then, Russia has struggled in its efforts to construct a democratic political system and market economy to replace the strict social, political, and economic controls of the Communist period. While some progress has been made on the economic front, recent years have seen a recentralization of power under Vladimir PUTIN and the erosion of emerging democratic institutions.
The Global Islamic Economy Summit 2013 is organized by Dubai Chamber of Commerce & Industry and Thomson Reuters, held on 25th-26th November, 2013 at Madinat Jumeirah, Dubai, UAE under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of the UAE and Ruler of Dubai.
4. Balance of Payments, International Monetary Fund, Asian Development BankCharu Rastogi
The presentation starts with a case study on political risks in Russia. It also discusses the components of balance of payments, difference between balance of trade and balance of payment, functions and role of International Monetary fund in the recent economic crisis, World Bank and Asian Development Bank.
PGM Urban Hardlandscapes produce y comercializa construcciones de materias compuestas para su uso en las obras de construcción y reparación de carreteras y vías ferroviarias, para la construcción civil e industrial
The Komi Republic is located in the northeast of European Russia and is a part of the Northwestern Federal District. Its area is 416,800 square km (2.4% of Russia). Industry takes the central place in the economy. The main economic activities are part of the fuel, energy, and forestry sectors. The Komi Republic is currently among the regions with high level of investment attractiveness.
In terms of per capita investment in fixed assets, Komi occupies one of the leading positions among the regions of Russian regions. According to Fitch, the national long-term rating of Komi is defined at AA- (rus) level. According to Moody's the credit rating over the national scale is defined at Аa3.ru level.
Región de Kémerovo está situada en el suroeste de Siberia con una superficie de 95.7 mil de km². La región tiene red de transporte muy desarrolada de los Urales. Su territorio cruzan las redes importantes de ferrocarril y carreteras de Rusia - el Transiberiano.
Kémerovo es una de las regiones industriales más importantes de Rusia, con uno de los mayores depósitos de carbón del mundo. Región de Kémerovo está dominado por la industria metalúrgica y la minera, la petroquímica y la ingeniería mecánica.
“Gidrokompozit” LLC is equipped with modern injection molding machines JONWAI with clamping forces from 120 to 650 tons and shot sizes up to 3500 cm3.
High-tech equipment makes it possible to produce parts from 5 grams to 3 kilograms from various materials, such as polyamide, polyethylene, polypropylene, acrylonitrile butadiene styrene copolymer (ABS), liquid crystal polymer (LCP), and their blend compounds.
The modern laboratory of physical and mechanical and physical-chemical analysis, certified by ILAC, is developing compounds for replacement existing metal solutions and performing the quality control of raw materials and final products.
The Republic of Buryatia now is a region of dynamic development of industrial potential and favorable investment climate that makes it one of the most attractive regions of Russia.
Concurso internacional de los proyectos de innovación en química IQ-CHem.
IQ-CHem is an international contest of innovative projects in the field of chemistry and new materials
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
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Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
1. March 5, 2015. Press-release.
SPIEF 2015 Programme Architecture
SPIEF 2015 Forum Theme: ‘Time to Act: Shared Paths to Stability and Growth’
The 19th
St. Petersburg International Economic Forum (SPIEF) will once again
bring together heads of states and governments, political leaders, CEOs and senior
executives of major Russian and international companies, leading experts,
representatives of Russian federal and regional authorities, media representatives as
well as government delegations from key economies on June 18–20, 2015. The theme
of this year’s Forum will be Time to Act: Shared Paths to Stability and Growth.
The business programme will be marked by a variety of international events
and formats. St. Petersburg has been chosen as the platform for key international
events of this year’s business agenda: the SCO and BRICS Business Forums and the
G20 Advisory Forum. The Forum will include an Energy Summit with the heads of
energy companies, a Media Summit, and a Young Leaders Forum.There will also be
a session of the Valdai Club Session, the first of its kind to ever take place at SPIEF.
New formats such as SPIEF DEBATE will be coupled with traditional panel
discussions, briefings, TV debates, arena debates, seminars, country-specific round
tables, business breakfasts, ‘Conversations with the Extraordinary’, and the Global
Energy and Development Prize awards ceremonies – which taken together promise to
create a rich and engaging platform for the exchange of ideas and insights on some of
the most pressing issues confronting global economics and business.
The discussions will cover four main topics of the programme:
GLOBAL ECONOMY: NEW CHALLENGES AND SHIFTING
HORIZONS
Sessions on this topic include: the challenges facing the global economy and
financial system; current integration processes and collaboration between
integration associations and the oil, gas and energy industries; international
trade; global infrastructural projects, geopolitics and others.
RUSSIA: SEIZING THE OPPORTUNITIES
This group of sessions features discussions and presentations dedicated to
Russian industrial policy, structural reforms, crisis management measures, the
shift to domestic sources of capital, monetary policy, regional development and
continued steps to improve the Russian investment environment. The
programme also includes a presentation of the National Investment Climate
Rating of the constituent entities of the Russian Federation, as well as deep-
dive sessions on key growth sectors for the Russian economy.
2. HUMAN CAPITAL AND TALENT DEVELOPMENT
These sessions are dedicated to examining how talent can best be nurtured to
meet the needs of changing societies, reforms undertaken in education systems
and how such changes can better correspond to the needs of business;
balancing human resources, effective immigration policy, the impact of aging
global populations on economies, the modernization of healthcare, social
responsibility and philanthropy.
DISRUPTORS: TRENDS AND TECHNOLOGIES
These sessions cover issues ranging from technology transfer, intellectual
property and personal data protection to the development of efficient cyber
security systems, and what spurs transformative innovations.
The SPIEF agenda is developed with the input from leading business,
economics and finance figures; Russian and international media leaders;
representatives of professional business associations and think tanks; and prominent
government figures, scientists and experts the world over.
Detailed information about the Forum is available at the official website
www.forumspb.com.
For reference:
The St. Petersburg International Economic Forum annually brings together CEOs and top managers of
major Russian and international companies, heads of state and governments, political leaders, global experts,
representatives of federal and regional authorities, and official delegations from the world’s key regions. In
the last five years, the following world leaders have participated in SPIEF events and activities: Hu Jintao,
former President of China; Angela Merkel, Chancellor of Germany; Mark Rutte, Prime Minister of the
Netherlands; José Luis Rodríguez Zapatero, Prime Minister of Spain; Finnish Presidents Tarja Halonen and
Sauli Niinistö; Nursultan Nazarbayev, President of Kazakhstan; Serzh Sargsyan, President of Armenia;
Gjorge Ivanov, President of Macedonia; Nicolas Sarkozy, former President of France; Mahinda Rajapaksa,
President of Sri Lanka; Yves Leterme, former Prime Minister of Belgium; Borut Pahor, former Prime
Minister of Slovenia; and Raila Amolo Odinga, former Prime Minister of Kenya. Key news-makers and
world experts such as Henry Kissinger, Lloyd Blankfein, Eric Schmidt, Daniel Yergin, Jim O’Neill, George
Magnus, Maria van der Hoeven, Yu Yongding, Gérard Lopez, Daniel Akerson, and many others have
presented at the Forum.