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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 ...More

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About problems of intensifying of partnership in central Asia = О проблемах расширения сотрудничества в центральной Азии

Turar KOYÇUYEV

Анализируется распад СССР и последовавший экономический кризис в его бывших республиках. Указываются ценности советского общества. Подчеркивается, что экономические, социальные, образовательные и культурные связи между странами — бывшими республиками бывшего СССР разорваны. Между тем и в современных условиях независимые государства могут формировать единые экономические, научно-образовательные и культурно-гуманитарные пространства, сохраняя суверенитет. Необходимо учитывать масштабы стран. Например, Киргизии целесообразно выходить на контакты с конкретными субъектами РФ, в частности экспортиру ...More

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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. - ...More

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Causal link between financial development and economic growth: the case of transition countries

Zamira ÖSKÖNBAYEVA

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

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