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Достойная работа и экономический ростПоддержка стабильного, всеобъемлющего и устойчивого экономического роста, полной и продуктивной занятости и достойных рабочих мест для всех
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Crowding-out (or -in) effect in transition economies: Kyrgyzstan case

Cunus GANİEV

Purpose: The crowding-out and crowding-in effects have been at the core of arguments among economists regarding the influence of government spending on private investment. This study aims to examine the crowding-out (or -in) effect of public spending on private investment in the transition economy of Kyrgyzstan. Design/methodology/approach: The empirical model is an autoregressive distributed lag (ARDL) and the vector autoregression approach (VAR). Monthly data from 2005 to 2013 of the private investment, government expenditures, remittances from abroad and broad money data were used in the em ...Более

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The relationship between long-term portfolio investments and growth in the context of asset characteristics and development level

İbrahim Halil SUGÖZÜ

This study investigates the linkage between portfolio investment and economic growth in 18 developed and 27 developing countries. Furthermore, it compares and analyzes interest-bearing and non-interest-bearing assets and the economic development level. The results of our analysis show that long-term portfolio investment is positively associated with economic growth in developing countries. Long-term portfolio investment through non-interest-bearing assets contribute more to economic growth in developing countries. However, stocks and long-term bond portfolio investment are unrelated to economi ...Более

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WHICH HYPOTHESIS IS VALID FOR OECD COUNTRIES IN THE CONTEXT OF THE RELATIONSHIP BETWEEN ENERGY CONSUMPTION AND ECONOMIC GROWTH? A PANEL DATA ANALYSIS = Bзаимосвязь между энергопотреблением и экономическим ростом в странах OЭСP: анализ панельных данных

İbrahim Halil SUGÖZÜ

In the study, panel data analysis was conducted on 32 OECD countries covering the period 1990-2018. To analyse the effect of energy consumption on economic growth, first, a cross-section de-pendence test of the variables was carried out, then CADF Test, which is the most suitable unit root test based on the obtained results results, was applied. According to the findings of the Hausman, autocor-relation, and heteroscedasticity tests, it has been decided to use the Driscoll-Kraay test for the model's forecast. The forecast results demonstrate that energy consumption positively affects economic ...Более

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Capital liberalization, growth and moral hazard: Lessons from the global financial crisis

İbrahim Halil SUGÖZÜ

The 2008 global crisis, initiated in the USA, a developed country, is significant as it's the last global crisis caused by capital flows. This study investigates the link between capital account liberalization and economic growth during the 2008 global crisis in 105 countries, including moral hazard. Furthermore, it considers portfolio equity and debt flows as asset characteristics and tests two moral hazard channels (i.e., sudden stop and credit booms) employing the OLS estimation technique. The findings show that capital inflows promote growth, with portfolio equity flows having more contrib ...Более

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Does Wagner’s Hypothesis Explain the Dynamics of Health Expenditures in Transition Countries?

Zamira ÖSKÖNBAYEVA

he purpose of this study is to analyze the short and long run causal relationship between public health expenditure and GDP per capita in transition economies within the context of the Wagner hypothesis. For the period 2000-2020, the empirical analysis was conducted using a dataset covering 22 transition countries: Latvia, Belarus, Czechia, Georgia, Bulgaria, Hungary, Estonia, Croatia, Moldova, Bosnia and Herzegovina, Slovenia, Ukraine, Armenia, Lithuania, Russian Federation, Slovak Republic, Romania, Turkmenistan, Uzbekistan, Tajikistan, Kyrgyz Republic, and Kazakhstan. Wagner emphasizes that ...Более

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Does more energy consumption support economic growth in net energy-importing countries?

Metin BAYRAK

Purpose – This study aims to examine the effects of energy consumption on economic growth by means of a panel data analysis of 75 net energy-importing countries for the period 1990 to 2012. Design/methodology/approach – For the purpose of the analysis, the countries are classified into two groups, and each group is then classified into subgroups. The first group is formed based on the energy import dependence of the countries and is classified into two subgroups according to whether their dependence is greater than or less than 50 per cent. The second group is formed based on the income level ...Более

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Relationship between Government Expenditure and Economic Growth in Transition Countries: Case of Kyrgyzstan and Tajikistan = Geçiş Ülkelerinde Devlet Harcamaları ile Ekonomik Büyüme İlişkisi: Kırgızistan ve Tacikistan Örneği = Взаимосвязь между государственными расходами и экономическим ростом в странах с переходной экономикой: на примере Кыргызстана и Таджикистана

Raziyahan ABDİYEVA | Damira BAYGONUŞEVA | Cunus GANİEV

After the collapse oi Soviet Union the membercountries was accompanied by economic and political crises. Each country has chosen own monetary and fiscal policy considering the economic situation. Even though that their economic situation is similar, Kyrgyzstan and Tajikistan are pursuing opposite fiscal policy. More precisely, Kyrgyzstan in recent years has changed its fiscal policy towards expansionary policy, when Tajikistan is continuing contractionary policy. This paper analyses the long and the short-run causality relationships between government expenditure and economic growth in Kyrgyzs ...Более

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Energy consumption and economic growth: The case of transition economies

Hakan ÇETİNTAŞ

This study investigates the causality relationship between energy consumption and economic growth in 17 transition countries, which are Albania, Armenia, Belarus, Bulgaria, Czech Republic, Estonia, Hungary, Kazakhstan, Kyrgyz Republic, Latvia, Moldova, Poland, Romania, Russian Federation, Slovenia, Ukraine, and Georgia. Empirical findings indicate that there is unidirectional causality from economic growth to energy consumption in the long run. The results support for conservation hypothesis suggests that energy conservation policies have no effect on economic growth. They can simultaneously a ...Более

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Var - analysis of global financial economic crisis impact on public budget and unemployment: evidence from the economy of the Kyrgyz Republic

Cunus GANİEV

The Global financial crisis hit the economy of the Kyrgyz Republic by the third wave of its transmission in the early of 2009. The article examines the impact of the Global financial economic crisis on the public budget and unemployment of the Kyrgyz Republic. We analyzed the transmission of the crisis on the public budget firstly and its effect on unemployment level by using the vector autoregression approach (VAR) and quarterly data for 2005–2013 within the framework of IS-LM model for small open economies with floating exchange rate. There is an inverse relationship between the public budge ...Более

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The Determinants of Tax Culture in Transition Economies: The Case of Kyrgyzstan = Geçiş Ekonomilerinde Vergi Kültürü ve Etkileyen Faktörler: Kırgızistan Örneği

Raziyahan ABDİYEVA | Cusupcan PİRİMBAYEV

Devletin fonksiyonlarını etkin ve başarılı bir şekilde yerine getirebilmesi için sürekli ve sağlıklı finansal kaynaklara ihtiyacı vardır. Devletin sağlıklı bir şekilde sürekli gelire sahip olması ancak vergi sisteminin etkinliğine bağlıdır. Vergi sisteminin başarısını ise mükelleflerin vergi yükümlülüklerini yerine getirme düzeyi belirlemektedir. Çalışmamızda bir geçiş ekonomisi olan Kırgızistan’daki mükelleflerin vergi kültürü ve bu vergi kültürünü etkileyen faktörler araştırılmaktadır. Elde edilen sonuçlara göre vergi kültürünü etkileyenen önemli faktörlerin devlete güven, kamu hizmetlerinin ...Более

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The Effect of FDI on Foreign Trade: A Panel Analysis = Doğrudan yabancı sermaye yatırımların dış ticaret üzerindeki etkisi: Panel veri analizi

İdris SARISOY

The purpose of this paper is to determine the effect of inward and outward foreign direct investments (FDI) on foreign trade (FT) using panel regression analysis. To this end, 143 coun-tries, which were classified into 5 different development groups according per capita in-come, were subject to 4 separate analyses using FDI and FT data between the years 1980 and 2009. This study concludes that inward and outward FDI affects trade volume at different rates according to a country’s development level. However, imports and exports appear to be more sensitive to FDI in less developed countries. - ...Более

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A Comparative Analysis of Productivity Growth, Catch-Up, and Convergence in Transition Economies

Ertuğrul DELİKTAŞ

The paper examines the macroeconomic performance of 25 transition economies using a comparable data set. In order to see whether transition to a market-based economy increased economic efficiency, technical progress, and total factor productivity (TFP), we estimate efficiency measures for Eastern European and Baltic countries and the republics of the former Soviet Union using stochastic frontier analysis (SFA) and data envelopment analysis as a confirmatory analysis. According to the SFA estimates, the average annual efficiency level for the 25 transition economies is 0.548, and the average an ...Более

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