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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 ...More
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 ...More
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 ...More
Анализируется историческое изменение облика евразийского про странства через призму процессов миграции, с периодизацией их на конкретные этапы, которые явились основным трансформирующим фактором. Рассматривая феномен волнообразной “постсоветской миграции”, автор смещает акцент на но вые интеграционные веяния, актуализирующиеся идеи единого экономического пространства, сотрудничества (ШОС, БРИКС, ТС и др.) в рамках еразийского про странства. -
Ключевые слова: Евразия, евразийское пространство, кочевой образ жизни, миграция, постсоветская миграция, глобализация, интеграция, укрепление евразийск ...More
The main purpose of this study is to investigate the causal relationship between trade openness and economic growth using the panel data of 125 countries for the period 1992-2015. For this purpose, a three-stage panel Granger causality test has been employed. Countries were divided into two groups as developed and developing countries. In the first stage panel unit root test has been used in order to explore stationarity properties of the series. Then panel co-integration technique has been employed in order to estimate long-run economic relationships between variables. In the last stage panel ...More
In the Orlicz type spaces S-M, we prove direct and inverse approximation theorems in terms of the best approximations of functions and moduli of smoothness of fractional order. We also show the equivalence between moduli of smoothness and Peetre K-functionals in the spaces S-M. (C) 2019 Mathematical Institute Slovak Academy of Sciences
This study uses a Mincerian earnings function to estimate the effect of education and experience on the wages of women working in developed business and trade center of Bishkek, Kyrgyztan. It employs a robust median regression and M Regression to estimate the functions for both public and private sectors. The paper also estimates the function using a least squared regression for comparison. Findings/Originality: The results show that returns to education for women employees in the private sector are higher than that of in the public sector. In contrast, the returns to experience for women empl ...More
The financial market is an important element of any market economy. The study of the impact of financial development on the country
The main objective of this study is to investigate the causal relationship between financial development, trade openness and economic growth. The empirical analysis of this study consists on panel data of 9 transition countries (Ukraine, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova and Tajikistan) over the period 1998 to 2015. In order to investigate the causal link between financial development and economic growth a three-stage Panel Gr ...More
Banking in transition economies differs from developing and developed economies with market system. This study aims to review development of the banking system in Kyrgyzstan since independence. The period under consideration is divided into five stages, each of which has a main distinctive aspect. Despite considerable achievements in last fifteen years the banking system still remains vulnerable to external shocks. Moreover, insufficient institutional infrastructure is one of the fundamental factors retarding further development of the banking system.
In weighted Orlicz-type spaces S-p,S- (mu) with a variable summation exponent, the direct and inverse approximation theorems are proved in terms of best approximations of functions and moduli of smoothness of fractional order. It is shown that the constant obtained in the inverse approximation theorem is the best in a certain sense. Some applications of the results are also proposed. In particular, the constructive characteristics of functional classes defined by such moduli of smoothness are given. Equivalence between moduli of smoothness and certain Peetre K-functionals is shown in the space ...More