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The purpose of the work consists in studying social integration as a factor of economic growth. The authors focus on experience and perspectives of developing countries…
The purpose of the work consists in studying social integration as a factor of economic growth. The authors focus on experience and perspectives of developing countries, as they show the highest rate of economic growth and have high potential of its acceleration.
The authors determine the interconnection between the processes of social integration in the four distinguished manifestations with the help of regression analysis and determine the level of homogeneity of data selections for each studied indicator with the help of variation analysis. Scenario analysis of future perspectives of the change of economic growth depending on the influence of the factor of social integration in the unity of its distinguished types is performed. Monte Carlo method is used for forecasting of change of the values of indicators of social integration.
It is substantiated that social integration is an important factor of economic growth. At the same time, the influence of this factor on economic growth of developing countries is ambiguous. Due to the offered proprietary classification of social integration according to the criterion of involved subjects, it is possible to establish that such types of social integration as integration of social groups, integration of business and society and integration of state and society have a positive influence. However, individual's integration into society has a negative influence.
The research contributes to development of economics by substantiating the significance of the social integration factor for economic growth and specifies the logic of management of this factor, which should be flexible. The perspectives of developing countries in acceleration of the rate of economic growth based on managing the factor of social integration are rather wide and envisage the increase of society's inclusion and the level of consumer consciousness and more active involvement of population into state management in the digital economy.
The purpose of the research is to determine the current contradictions and perspectives of convergence of social development and economic growth for the purpose of…
The purpose of the research is to determine the current contradictions and perspectives of convergence of social development and economic growth for the purpose of formation of the scientific and methodological basis of targeted and efficient state regulation of these processes, which would allow for their harmonization and systemic acceleration.
The authors use correlation analysis for calculating the correlation of the rate of economic growth (according to the forecast of the IMF) and the indicators of qualify of life, calculated by Numbeo, and the index of economy digitization, calculated by the IMD. The research is performed based on the 2020 data. On the basis of the established dependencies, the authors use the method of hierarchy analytics of T.L. Saaty for determining the contribution of social development into economic growth.
The authors substantiate the existence of close interconnection between social development and economic growth and determine substantial differences in this interconnection in developed countries (correlation – 52%), where only purchasing power of population and society's digitization contribute into acceleration of economic growth, and in developing countries (correlation – 48%), where quality of life, environment protection, living standards and society's development level contribute to acceleration of economic growth.
It is proved that in the course of the increase of the level of social development, it contradicts economic growth – due to which the possibilities of state regulation of the interconnection of these processes are limited. The authors develop a conceptual model of convergence of these processes through the prism of phases of the economic cycle. The compiled model reflects the authors' recommendations at each phase of the economic cycle, due to which state regulation of socioeconomic development will become targeted and efficient.
The international institutions, policymakers and governments are promoting green growth as a policy objective for global financial stability (FS) without sound empirical…
The international institutions, policymakers and governments are promoting green growth as a policy objective for global financial stability (FS) without sound empirical investigation. Therefore, the purpose of this study is to investigate whether the green economy would be successful in achieving its main objective i.e. stabilizing the world financial system because the investment stakes are too high for this green transition.
The study used the two-step system generalized method of moments (GMM) methodology on panel data of 90 countries for 6 years from 2010 to 2015 to investigate the impact of green growth economy on FS.
The results of the current study revealed that overall green growth enhanced FS in the country for both the short and long run. However, the social inclusive dimension of green growth was irrelevant in creating FS.
The results of the current study validate the growth-led finance hypothesis and encourage the policymakers to strengthen the policy initiative for green growth. Because green growth mitigates economic and environmental risk to create a stable financial environment. However, social inclusiveness needs to be explored through alternate paradigm in relevance to FS.
As per the author’s knowledge, it is a pioneer study to empirically investigate the impact of green growth on FS which would be useful in understanding the green growth and FS dynamics.