The Great Recession in 2008–2009 and slow recovery after it became a significant challenge both for economic policy and theory, especially for economic growth studies. New circumstances have revealed new stylized facts, for instance, the decrease in growth rates and capital accumulation in advanced economies. The paper analyzes responses to and outcomes of the Great Recession for countries at different stages of development. The authors consider the investment impact on economic growth varying through seven clusters of countries, determined according to GDP (PPP) level per capita. An attempt has been made to reveal new stylized facts based on current trends and to revise some theoretical approaches to the analysis of economic growth.
The article discusses the impact of information and communication technologies on economic growth in Russian regions. The work is aimed at formalisation of a model applicable for calculating the gross regional product with a production factor presented by information and communication technologies. The objectives of the work involve the explanation of the specifics of the information and communication technologies impact on the socio-economic development of regions, derivation of a model formula and model assessment complemented by the interpretation of the obtained result. Capital and labour related to information and communication technologies represented mathematically as complementary factors to all other capital and labour form the scientific novelty of the study. Based on an analysis of models previously proposed by other authors, a new formula was derived using the least squares method for the assessment of the model approximation trend. The results of the work can be applied in statistical studies of regional economics, as well as in terms of management recommendations for regional and federal authorities. In conclusion, the hypothesis is made considering information and communication technologies as a separate production factor in overcoming existing and potential crisis economic situations in regions, while remaining within the framework of the sustainable development paradigm.
The article is devoted to the theoretical features of innovations in the field of public administration. The subject of the research is the concept of innovation in public administration. The goal is to substantiate the relationship between successful innovation, institutional transformations and their ideological support. The main tasks are a description of the differences in the traditional understanding of the content of innovation and its content in the field of public administration, a description of the factors contributing to or hindering successful innovation in the field in question, an analysis of the relationship between the innovation activity of employees in the public service and institutional transformations. The conclusion is drawn on the importance of the trinity of technological, institutional and ideological innovations in the context of the goals and objectives of national economic development.
What role does the business play in economic growth? What circumstances are necessary for the stable business development? Recent literature focuses on the factors of business environment promoting or constraining firm growth. Using the country aggregate values of the firm-level World Bank Enterprise Survey (WBES) data on the subjective estimates of the business obstacles 128 countries are classified into six clusters. Due to the fact that firms report many obstacles to growth the contributions of 13 obstacles to business environment are recalculated for understanding the major business constraints. Lastly, cross tables analysis finds that there is a correlation between the prevalence of the business obstacles and national income growth, export growth, high-technology export. The results have important implications for the priority of reforms. Corruption, electricity and tax rates are the main business constraints in the world. Moreover, access to finance and competition in the informal sector of economy are also the major obstacles for business in the part of the countries.
One of the most important activities of enterprises today is responsible entrepreneurship. Corporate social responsibility (CSR) activities can help to forge a stronger bond between employees and corporations, can boost morale, and can help both employees and employers feel more connected with the world around them. Moreover, the growing importance of this concept results from the fact that it is perceived as an effective tool for increasing competitiveness, improving the image of the company, or contributing to the generation of higher profits. In today’s world, an active commitment to social responsibility is becoming more common for a company.
CSR and Socially Responsible Investing Strategies in Transitioning and Emerging Economies is an essential reference source that identifies the scale and scope of implementation of CSR and socially responsible investing strategies and standards in companies operating in different transitioning and emerging economies as well as assessing the global effects of these activities. Featuring research on topics such as economic growth, responsible investing, and business ethics, this book is ideally designed for managers, executives, directors, corporate professionals, government officials, industry leaders, academicians, students, and researchers in the fields of international economics, international business, marketing, finance management, and public relations.
Economic growth has slowed considerably In China over the recent years. This change of dynamics has been caused with a variety of factors, both of structural and macroeconomic origins. The former include an exhausting of surplus labor in a traditional sector of economy, alongside with a tapering of the so called ‘demographic dividend’, and a tendency of the Chinese population to grey rapidly. The latter imbibe a huge industrial overcapacity, and a pile of debts at the corporate and municipal levels. Party’s officials prefer to speak about ‘New Normal’, which is a part of the Xi Jinping’s ‘New Era’. At the same time, Chinese academics worry about that country’s possible dipping into a ‘middle-income trap’. However, judging from pragmatic, rather than theoretical or ideological, point of view, China’s problems look numerous, but not unsolvable.
Institutions affect investment decisions, including investments in human capital. Hence institutions are relevant for the allocation of talent. Good market-supporting institutions attract talent to productive value-creating activities, whereas poor ones raise the appeal of rent-seeking. We propose a theoretical model that predicts that more talented individuals are particularly sensitive in their career choices to the quality of institutions, and test these predictions on a sample of around 95 countries of the world. We find a strong positive association between the quality of institutions and graduation of college and university students in science, and an even stronger negative correlation with graduation in law. Our findings are robust to various specifications of empirical models, including smaller samples of former colonies and transition countries. The quality of human capital makes the distinction between educational choices under strong and weak institutions particularly sharp. We show that the allocation of talent is an important link between institutions and growth.
The core objective of the study, results of which are summarized in this article, is to determine the eff ectiveness of using assessments of economic agents in the analysis of sectoral and macroeconomic development. The paper tests the hypothesis of the cross impact of economic growth and entrepreneurial behavior. It is assumed that economical cyclicity is produced not only by macroeconomic shocks, but also by the impulses generated in the business environment. The sentiment and expectations of entrepreneurs are considered in this case both as a consequence of the ongoing economic events, and as a warning factor aff ecting the economic decision-making. To test the hypothesis, the authors used results of all sectoral business tendency monitoring of the HSE and Rosstat, which reflect the aggregate sentiment and expectations of about 24 thousand entrepreneurs and 5 thousand consumers. The monitoring results are combined into the Economic Sentiment Indicator (ESI), which calculation algorithm is based on the generally accepted international methodology and is updated taking into account the specifi cs of the Russian economy. The joint decomposition of the time series of the ESI and the reference series of GDP growth with extracting growth cycles and the dating turning points confi rms the cyclical correspondence of the dynamics of the analyzed indicators. An empirical consistency of ESI and GDP time series is revealed based on cross-correlations, a long-term linear regression and through a two-dimensional vector autoregression model. This model is used for short-term forecasting; the forecasting results indicate an unstable and slow acceleration of GDP growth in 2020. Given the ESI calculation effi ciency and a noticeable advance in its publication compared to publication of offi cial data on GDP growth, as well as ESI statistical eff ectiveness, it can be concluded that the aggregate estimates of entrepreneurial and consumer sentiment accumulated over a 20-year period are acceptable and reliable as leading information on economic growth in the country.