Print ISSN: 2204-1990

Online ISSN: 1323-6903

Keywords : economic growth


Financial Integration, Knowledge Sharing and Economic growth: Does the experience of developing countries differ from developed countries?

Muhammad Ghulam Shabeer

Journal of Contemporary Issues in Business and Government, 2022, Volume 28, Issue 4, Pages 768-783
DOI: 10.47750/cibg.2022.28.04.056

Economic growth is still a central macroeconomic goal of every society, whether rich or poor and this study has explored the role of financial integration and knowledge sharing in this regard by assuming that their effect on the economic growth of developing and developed countries may be different. This study has chosen the country classification made by the United Nation’s WESP classification. Feasible generalized least square (FGLS -hetero) approach is used for estimation from a data set of 1995 to 2019 and the results show that financial integration has a positive impact on the economic growth of developed nations but has a negative impact on the economic growth of developing economies. Knowledge sharing, research and development expenditure, institutions, interpersonal globalization have a positive impact on the economic growth of developing and developed economies.

ROLE OF ATTITUDE AND VALUE ON BEHAVIORAL INTENTION OF YOUTH TOWARDS ADOPTION OF SOLAR PANELS.

Mrs. Neetu Sharma*, Dr Oum Kumari R**

Journal of Contemporary Issues in Business and Government, 2022, Volume 28, Issue 4, Pages 625-636
DOI: 10.47750/cibg.2022.28.04.045

Energy plays a very important role in the process of attaining economic growth and development. But the price to be paid for this development is very huge as more than 70 % of energy needs in our economy is met from fossil fuel which is adversely affecting our environment. Despite huge solar potential in our country we are unable to tap it. The total solar potential for India is estimated as 750 GW (MNRE) but the current solar power installed capacity is just 3 GW. This clearly brings out the fact that to protect our planet without compromising the development goals we need to rigorously consider the tapping of solar potential. This would help us to fight the problems like Global warming and climate change. The present article is an attempt to investigate the measure to optimize solar power in future. This could not happen without bringing a change in the attitude and behavior of the people. To bring a change in the attitude and behavior of consumers we need to emphasize on creation of habits through values. The cross- sectional data from 165 students’ samples using structured questionnaire in Jaipur city is used in this study. The reason for selecting students as respondents for the study is that today youth have more awareness about environment, global warming, and the importance of green products. It also evidenced that the consumer’s positive attitude along with the behavior towards environment, awareness of the eco-friendly products and value of the (solar panels) is satisfactory then the consumers have positive behavioral intention to adopt the solar panels. The results of the study could help us to develop effective marketing strategies for solar panels in future.

Role of Attitude and Value on Behavioral Intention of Youth towards Adoption of Solar Panels

Mrs. Neetu Sharma, Dr Oum Kumari R

Journal of Contemporary Issues in Business and Government, 2022, Volume 28, Issue 4, Pages 651-660
DOI: 10.47750/cibg.2022.28.04.047

Energy plays a very important role in the process of attaining economic growth and
development. But the price to be paid for this development is very huge as more than 70 % of
energy needs in our economy is met from fossil fuel which is adversely affecting our
environment. Despite huge solar potential in our country we are unable to tap it. The total solar
potential for India is estimated as 750 GW (MNRE) but the current solar power installed
capacity is just 3 GW. This clearly brings out the fact that to protect our planet without
compromising the development goals we need to rigorously consider the tapping of solar
potential. This would help us to fight the problems like Global warming and climate change.
The present article is an attempt to investigate the measure to optimize solar power in future.
This could not happen without bringing a change in the attitude and behavior of the people. To
bring a change in the attitude and behavior of consumers we need to emphasize on creation of
habits through values. The cross- sectional data from 165 students’ samples using structured
questionnaire in Jaipur city is used in this study. The reason for selecting students as
respondents for the study is that today youth have more awareness about environment, global
warming, and the importance of green products. It also evidenced that the consumer’s positive
attitude along with the behavior towards environment, awareness of the eco-friendly products
and value of the (solar panels) is satisfactory then the consumers have positive behavioral
intention to adopt the solar panels. The results of the study could help us to develop effective
marketing strategies for solar panels in future.

Use of financial accounting data in process of business decision-making on medium and small enterprises in India

Shafik Yousef Ahmed Mgadami, Ali Albasheer Himah Musa

Journal of Contemporary Issues in Business and Government, 2022, Volume 28, Issue 3, Pages 1025-1038
DOI: 10.47750/cibg.2022.28.03.080

The demand for projecting and evaluating the effects of administrative decisions increases as the business continues to undergo transformation. A technique for future examination of a company's economic reports is employed to support and assess such judgments. The format and substance of a company's accounting documents have changed significantly in contemporary decades. The concepts of organisation and the procedures for reporting and auditing are changing drastically along with the expansion of economic interactions. At worldwide accountancy' conventions as well as other expert gatherings, the topic of changing a company's accounting records is frequently brought up. The goal of the project is to advance the idea of creating accounting information for a business to use as a basis for informational decision-making in a changing economic environment. This research tries to emphasise the logic in the economic decision making of the Medium and small scale enterprises (MSEs) financial management which either results to optimization in the financing operations of the MSEs or collapses. In order to study the economic managerial discretion of MSEs in India, numerous parameters had already been recognised. An organised survey has been created and researched on 257 innovators and finance experts of MSEs in northern India. This one was discovered that there is a correlation and influence between demographic characteristics and firm-specific considerations, financial behaviour, financial skills, and revenue growth way of measuring on the economic managerial actions. The study finds that the accounting records summary has a significant impact on how effectively managers make decisions. The management choices made by MSEs enterprises are greatly influenced by other processing parameters such organizational records, the clarity of analyses, and the quality management. The study found that a favourable association among economic accountancy statements and appropriate strategies is mediated by the economic statements' clarity, applicability, and reliability.

EFFECT OF HUMAN CAPITAL INVESTMENT ON ECONOMIC GROWTH AND PRODUCTIVITY: A SIMULATION APPROACH

Afaq Ali Khan, Prof. Dr. Roohi Ahmed

Journal of Contemporary Issues in Business and Government, 2022, Volume 28, Issue 3, Pages 949-963

The study investigates the dynamiceffects of incomeon a new cohort oflabor force byusing real
demography in order to increase investment on human capital. The study constructed three
scenarios such as baseline, typical, and optimistic.In the baseline scenarios,the rate of human
capital investment,which is observed in 2020 remains constant in 2060,whereas, typical and
optimistic scenarios,the rate of human capital increased for each country to median and 75th
percentile.The study computes result for each country separately for 40 years into the future,
from 2020 to 2060, then average out the findings throughout the complete sample, which the
study refers to as the world. Theglobal human capital per worker is computed in absolute terms.
In base case scenario, where investment on human capital remain unchanged, the human capital
per worker increases in the next four decades, primarily due to demographic changes. Human
capital per worker grows somewhere under typical and optimistic scenarios, from around 1.13 to
1.62 and 1.20 to 1.729, respectively. While human capital expands under 50th and 75th percentile
from 0.59 to 0.62 and 0.63 to 0.66 respectively.

A NEXUS BETWEEN FINANCIAL DEVELOPMENT AND RENEWABLE ENERGY CONSUMPTION

Fareeha Zaidi; Dr. Salman Riaz; Zubair Saleem

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 6, Pages 1243-1256
DOI: 10.47750/cibg.2021.27.06.103

The purpose of the present study is to explore the impact of financial development on renewable energy consumption. The period of study is from 1980 to 2018. Economic growth plays a mediating role in the nexus between energy consumption and financial development. The transmission and distribution losses are the moderator between economic growth and renewable energy consumption in the structural model. For developing economies like Pakistan, estimation for energy demand without considering financial development would provide an inaccurate picture. Zivot-Andrews unit root test has been applied under the structural break method to check the stationary property of variables. The study is employing Simple time-series regression analysis to find out the relationship between the variables. The results of the empirical research indicate that financial development and economic growth have a significant impact on renewable energy consumption, and the findings of the economic growth equation suggest that there is a significant impact of financial development and investment on economic growth in Pakistan. The study results urge the attention of policymakers in Pakistan to design a comprehensive energy conservation policy to minimize the consequences of massive energy consumption and energy export-driven revenue by adding financial development and investment as explanatory determinants in the energy demand function.

Government Size and Economic Growth. An analysis between China and India

Muhammad Sibt-e-Ali, Dr. Tariq Hussain,Fatima Mazhar, Irfan Hussain Khan, Sabiha Parveen

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 6, Pages 1730-1745
DOI: 10.47750/cibg.2021.27.06.137

Over the period from 1961 to 2018, a new Smooth Transition Autoregressive model was used to examine how the size of the government affected GDP growth in India and China. Economic growth and government size appear to have a strong and positive correlation. In other words, as these countries' governments expand, so does their economies. China's government size is unlikely to have a greater impact on economic growth than India's, based on the findings. Economic growth is positively and significantly affected by both China's and India's government sizes. China's government size had a larger effect, but India's was also highly significant. Finally, it makes no recommendations for reducing government spending. The issue is one of resource allocation. Crowding-out impacts and costs result from poor resource allocation.

Fiscal implications for Rural-Urban Poverty of Pakistan

Safdar Ali, Khalil Ahmad, Muhammad Shahid,Muhammad MudassarNaushahi

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 6, Pages 389-402
DOI: 10.47750/cibg.2021.27.06.034

In this study, we try to investigate the fiscal policy empirically inquiry for overall and ruralurban
poverty for Pakistan. Fiscal policy has so many economic and social implications for
every country of the world, including stable economic development, employment
opportunities, and poverty evaluation among others. Generally, supply-side and demand-side
fiscal policy tools are utilized to achieve economic and social improvement. The time-series
data is employed from1980 to 2019. To test for both short-run and long-run relationships
between fiscal variables and poverty, the Autoregressive distributed lag model (ARDL) is
adopted. Pakistan is an important case study because of the emergence of dual rural
agricultural traditional and urban modern industrial sectors. The empirical investigation
shows that government expenditure and per capita growth have a negative and significant
impact on an aggregate and rural-urban poverty. Inflation and public tax have a positive
impact on all tiers of poverty.

Time and frequency domain causality Testing: The causal linkages Revisited betweenFiscal Policy and Economic Growth in Pakistan

Sidra Iqbal, Maryam Irshad, Najma Yasmeen, Fouzia Yasmin

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 6, Pages 936-945
DOI: 10.47750/cibg.2021.27.06.080

Research on the impact of fiscal policy is a dire need in today’s economic world. In this
investigation, fiscal policy effectson economic growth have been explored.In this analysis,the
researcher examined the relationships using the secondary data source for the 1972-2019 data
series by employing Auto-Regressive Distributed Lagged Model (ARDL) and frequency domain
causality Testing to investigate the causal linkages between Fiscal Policy and Economic Growth in
Pakistan. The variables have been used as the budget deficit and economic growth as the core
variables of theresearch and concluded the negative association between the fiscal policy (budget
Deficit) and economic growth

Education, Poverty, and Unemployment: A Way Forward to Promote Sustainable Economic Growth in Pakistan

RuqiaShaheen Najma Yasmin Noreen Safdar Fouzia Yasmin Sabila Khatoon

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 6, Pages 74-85
DOI: 10.47750/cibg.2021.27.06.005

Research at hand used a generalized method of moments (GMM) to examine the relationship between economic growth, education, poverty, and unemployment in Pakistan. The study has looked at four different ways to analyzed and compared them with the growth path of Pakistan for the period under study 1990-2020 by providing the integrated approach. This research concluded that education hasan impact on unemployment and poverty, and all have an impact on economic growth in the long run. It shows that there isa fundamentalassociation betweenthe gross domestic product (GDP) and poverty (POV) and amongEducation enrollment. The findings of the research confirmed the positive effect of Education, Trade on economic growth, and unemployment have a negative influence on determining economic growth. This study is of particular concentration topolicymakers as it helps to formulate comprehensive economic policies to support economic development.

NEXUS BETWEEN HUMAN CAPITAL ACCUMULATION AND ECONOMIC GROWTH

TayyibaKausar, Faisal Iqbal, Edwin Ramirez-Asis, Edwin Johny Asnate-Salazar, Telmo Pablo Loli-Poma

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 5, Pages 2508-2521
DOI: 10.47750/cibg.2021.27.05.128

Present study examines the effect of human capital accumulation and its influencing variables such as expenditure on education and quality of education, labor force, free trade and investment and its impact on economic development which can be measured in terms of Gross Domestic Product and GDP per capita. The data for the current study is comprised of economic indicators from almost 181 countries around the globe while using the panel technique. The outcome of the study suggest that enhancing the quality level of education through increasing the budget expenditure for education sector will result in capable work force which will in turn promote the economic growth of our country, similarly funds reimbursements  towards fixed capital and free trade are also major determinants of economic development. The present study is also unique in terms of data collection from a vast number of countries to generate the empirical findings related to the topic.

Banking Sector Development, Inflation and Economic Growth of Pakistan: The Nexus

Muhammad Awais, Sayed Fayaz Ahmad, Poonam Riaz, Muhammad Ibrahim

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 5, Pages 266-293
DOI: 10.47750/cibg.2021.27.05.018

Study has been conducted to analyze the causal relation among banking sector development,
inflation and economic growth of Pakistan. Study undertake the yearly data from 1960 to 2018
where as data has been collected from world bank indicators. Banking sector development has
been analyzed with help of five different variables BRM, CLP, DCP, DCB and BSI where as
Inflation has been measure with help of inflation and economic development has been measure
with GDP growth in percentage. Intiallyunitroot test has been applied on as collected data is in
time series where GDP is found stationary at level I(0) and other avriables found stationary after
taking first difference I(1).Johansson co-intergration test has been applied to identify the
relationship between variables VECM granger causality test has been applied to identify the
direction of relationship between variables. Results shows thatBidirectional causality found
between INF and BRM while unidirectional causality found from GDP to INF, INF to GDP,
GDP to CLP, INF to BSI, CLP to INF and INF to DCB Study conclude that not all the variables
are integrated with eachother only few of selected variables of banking sectors have relation with
GDP and INF.

EMPIRICAL LINKAGES BETWEEN EDUCATION, POVERTY, AND ECONOMIC GROWTH: NEW EVIDENCE FROM THE GROWTH EMPIRICS OF PAKISTAN

RuqiaShaheen, Najma Yasmeen, Sidra Iqbal Sadia Masood

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 5, Pages 2645-2653

Income poverty is defined as the lack of necessities for minimum material wellbeing determined by the national poverty line. Human Poverty means the denial of choices and opportunities for a life in all economic and social aspects.For this purpose, Secondary data is used to analyze the linkages between Education,Poverty, and economic growth. The study used data from different sources for the period of 1976 to 2020. ARDL was applied for the analysis. Econometric analysis is carried out to analyze the connection between the core variables of the study. The conclusion is of the view that poverty must be reduced for the engravened of economic growth. The industrial sector positively impacts economic growth Data on these variables is collected from different sources.It is recommended that the government and other policymakers focus on resolvingpoverty and unemployment in Pakistan.Government should make different policies to reduce poverty.Poverty reduction and education enhancing policies should be adopted for the development of the economic growth of the country

VIETNAM: POTENTIAL MARKET FOR ATTRACTING FOREIGN DIRECT INVESTMENT AFTER THE COVID-19 PANDEMIC

Tran My Hai Loc

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 5, Pages 1414-1426
DOI: 10.47750/cibg.2021.27.05.099

The COVID-19 pandemic, which has had a broad and deep influence on
all countries, is currently unfolding in a complex manner. The world economy has
entered a deep recession. Vietnam, a country with a high level of economic openness and
substantial international connectivity, has also been hit by the COVID-19 outbreak.
Vietnam's economy, on the other hand, has maintained its development, with an
anticipated GDP growth rate of 2,91 percent. Following the COVID-19 pandemic,
Vietnam is progressively becoming a promising market for attracting foreign direct
investment due to key socioeconomic policies and goals, as well as the country's
remarkable advantages and position in the international arena.

IMPACT OF SOFT POWER FACTORS ON EXCHANGE RATE VOLATILITY: EVIDENCE FROM SOUTH AND EAST ASIAN COUNTRIES

Mehran Bacha, Fazli Wadood, Fazal Akbar

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 5, Pages 2432-2443

This paper aims to examine the impact of soft power factors on exchange rate volatility of South and East Asian countries. In past, very limited research work has been done regarding soft power factors and their relationship with exchange rate volatility in South and East Asian countries. This paper is an attempt to explore how soft power factors (including governance variables, population variables, education variables, financial variables, and economic growth variables) capturing countries influence components of exchange rate volatility. However, present paper has used monthly panel data set of nineteen South and East Asian countries during the period of 2007-2017, PCA index of soft power variables are constructed and common effect fixed effect panel data techniques are used for analysis. Exchange rate volatility is measured through Arch Garch. Results concluded that, population variables and financial variables have significant negative relationship with exchange rate volatility. Meanwhile, governance variable, education variables, and economic growth variables have insignificant relationship with exchange rate volatility. This paper will contribute in existing literature theoretically and also provides important policy implications for financial and public institutions.

DEVELOPMENT OF SMALL BUSINESS AND PRIVATE ENTERPRISES IN NAMANGAN, REPUBLIC OF UZBEKISTAN

Ibodulla Ismatul laevich Soliev, Rahmonjon Mamadjonovich Ahmedov, Abdulhakimov Zuhrali Tursunalievich

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 5, Pages 1095-1102
DOI: 10.47750/cibg.2021.27.05.071

This article develops ways to accelerate the development of small business and private entrepreneurship in the Republic of Uzbekistan, prepares scientific developments and practical recommendations for future development of the industry.

ANALYZING NON-PERFORMING ASSETS IN EDUCATIONAL LOANS:A CASE STUDY OF INDIA

S. PRASANTH Dr. P. NIVETHA

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 5, Pages 2472-2486
DOI: 10.47750/cibg.2021.27.05.124

The primary objective of this research study is to investigate non-performing assets in Indian educational loans. Education is a critical foundation of the Indian economy. It represents the primary source of livelihood for the development and the development of an economy. Educational loans are very important in order to achieve technological development and, implicitly, to reduce costs and use sustainable strategies. The data sample was collected from 80 lenders (bank managers) and 80 borrowers of education loans from Pudukkottai district, Tamilnadu state in India. The Multi Stage Disproportionate Sampling method has been applied for the purpose of collecting information from both the borrowers and the lenders. The analysis results refute the hypothesis, as there is no substantial variation in how various types of banks manage non-performing assets in educational credit, since the bulk of NPA instances in educational credit are the consequence of borrowers' intentional default. The majority of defaults were caused by political leaders' announcements of debt forgiveness. The empirical results are relevant and contribute to a better understanding of the impact of non-performing assets in educational loans on sustainable economic growth in India.

The Effects of Income Tax on Investment Decisions in The Province of Portsmouth (2009- 2019)

KHALAT YOUSIF SALEH; JWAN SAEED HUSSEIN; NAWZAD MAJEED HAMAWANDY; RANJDAR MUSTAFA ALI

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 3, Pages 57-66
DOI: 10.47750/cibg.2021.27.03.008

This study explores the relationship between income tax and investment decisions in the province of Portsmouth. As stated by Martinelli (2017) income tax makes up to 30% of the total government revenue in the province of Portsmouth, England. A progressive income tax system is applied in the UK, which means that tax imposes higher rates on higher income earners unlike to those on a lower income, in other words, the higher income earners pay more taxes while the low-income earners pay less. However, as it is well known there are some individuals are entirely excluded from taxation, such as the disabled, the extremely low-income earners and other minority groups. Therefore, residents in the province of Portsmouth are discouraged from working hard, because the more they earn, the more burden of taxation they face. A key finding from the study is that the government will always support investment activities whenever income tax reduces. Among the ways of supporting investment activities is to ensure credit accessibility to both the large and small enterprises. Both primary and secondary research is used in performing the study. Secondary research helps obtain an understanding of the problem by looking at what previous researchers have done. Primary research was also conducted to help obtain firsthand information regarding the current problem. While employing a qualitative approach, with random sampling techniques, the obtained results, analysis, and conclusions are reliable.

Open Social System: The Problem of The Impact of Vertical Social Mobility on The Prospects for Economic Growth (In the Context of The Discussion About the Affirmative Action Prospects)

YURI V. KOLIN ,

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 3, Pages 481-490
DOI: 10.47750/cibg.2021.27.03.066

In this article for the first time are considered the aspects of positive discrimination state politics in the context of its impact on the processes of social integration, vertical social mobility and economic growth rate. The comparative analysis of positive discrimination models in USSR and Western countries has been carried out. The repercussions of the Russia’s abandonment of the positive discrimination politics are distinguished. The actuality of the analysis of the forms of vertical social mobility stimulation is based on their potential impact on economic growth in the conditions of high social inequality and the growing tendency to global social polarization. The high level of social inequality is a barrier to upward mobility, the expansion of economic activity and the dynamic economic growth.
The article justifies the importance of the open social system as a transparent system of social elevators for economic growth’ acceleration and states the correlation between the level of vertical social mobility and the economic growth in long-term perspective.
The methodology of the research is based on the complex approach to the problem of vertical social mobility and the use of the models of positive discrimination, and the comparative analysis of the Soviet and Western practice of its applying is carried out. The article is based on the research of the processes of vertical social mobility and social inequality rate codependence in the context of understanding of social inequality rate as a social and economic development prospects’ indicator.
The modern Russian scholars view the problem of positive discrimination in the predominantly negative light: as a Soviet legacy, within the paradigm of understanding the Soviet society as totalitarian. Whereas in Western society the use of positive discrimination models is widely studied as a factor of lowering the social inequality and strengthening the social integration within the separate social spheres: politics, industry, education, gender and race relations.
The article for the first time names the problem of national importance of positive discrimination as a factor of increasing the social system openness and the acceleration of economic growth in long-term perspective.
The research can be considered as a review of the examples of the positive discrimination models usage and the invitation to further discussion on the perspectives of wider applying of the positive discrimination models as an indirect factor of strengthening the social integration and economic growth stimulation.

Main Directions Of Integrated And Innovative Development Of Territories

KHUSANOVA GULCHEKHRA SAYFULLAYEVNA; HUDAYBERDIYEV ULMASJON EGAMBERDIYEVICH; UMAROVA NARGIZA KHOLDAROVNA; ODILOVA DILNOZAKHON BARNAYEVNA

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 3, Pages 2705-2709
DOI: 10.47750/cibg.2021.27.03.324

This article describes the main directions of integrated innovative regional development, it consists in ensuring sustainable economic development of the region, improving the quality of life of the population and the environment of a certain territory.

Sensex a true reflector of economic growth – myth or reality: a case of India

DR HIMANSHU RASTOGI; DR HITESH KESERWANI

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 3, Pages 1442-1447
DOI: 10.47750/cibg.2021.27.03.194

Stock exchange indices are often considered as a reflector of nation’s economic wellbeing, but the point is that how closely are the two associated to one and another and does growing Sensex actually guarantees rapid growth of economy, is something needs to be analyzed. The present paper is aimed to find if any relationship exists amid economic growth and Sensex and also to see whether Sensex is reflective of national growth or other factors are more instrumental to set the direction of Sensex even though the economy is not performing as per the expectations. For this purpose, a retrospective study was carried out. BSE Sensex growth rates for the last 10 years have been taken into consideration and corelated with Gross Domestic Product (GDP). Statistically there was no significant correlation established between Sensex and Economic Growth. Most of the times it has been found that even though the Sensex is zooming still the economic growth is lagging the reason been that Sensex is guided more by the performance of select companies which form the Sensex basket while the performance of economy is a result of many more factors which gives direction to economy rather than the Sensex alone. The paper tries to highlight the various factors which gives direction to economic growth than the Sensex itself alone. The paper is based on secondary source of information derived from reliable websites, research papers, government sites etc.

Public Debt Increase Challenge Under COVID-19 Pandemic Economic Crisis in the Caucasian Countries

CHARAIA VAKHTANG; PAPAVA VLADIMER

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 3, Pages 18-27
DOI: 10.47750/cibg.2021.27.03.003

Paper provides an analysis of public debt problem in the Caucasusian countries of Armenia, Azerbaijan, Georgia, Iran, Russia and Turkey during the economic crisis under the COVID-19 pandemic. It also discussed some closely related issues, sauch as inflation, economic growth, employment, international rankings and etc. The paper analysis the different realities and perspectives of current and future developments of COVID-19 pandemic on selected countries economy. While recognizing that public debt increase was unavoidable during the global pandemic challenge, paper concludes that its effectiveness is hugely depended on when global economy can finally overcome the fact of being a hostage of COVID-19.

Indian Economy: Current Trends & Future

NIKET SHARMA

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 3, Pages 884-889
DOI: 10.47750/cibg.2021.27.03.122

India has increasingly been regarded as an engine that will power future global development. This is good reason to look at the economic prospects of India over the current decade. The Indian economy is the fastest growing major economy and in the coming years it is expected to grow faster. During 2018-19, however, the economy of India appears to have slowed significantly. The proximate factors responsible for this slowdown include rising private consumption growth, a modest increase in fixed investment, and exports that are quite. On the supply side, the challenge is to reverse the agricultural sector's decline in growth and maintain industry growth. On the external front, the current account deficit as a ratio to GDP is likely to decline in 2018-19, thus reducing the economy's leakage of growth momentum. Monetary policy has sought to provide growth momentum with a fillip through repo rate cuts and bank liquidity easing. Low inflation has provided the room for this monetary easing in 2018-19, although it has started to rise in the last few months of the year. Growth has tied up, deflation has decreased, budget and trade deficits have shrunk. The Government of India has also adopted policies and reforms to promote investment, increase efficiency and ensure monetary stability. The strong long-term growth potential of India, driven by demographics, urbanisation, and productivity-enhancing reforms, nevertheless indicates that trade expansion between china and india will continue in the upcoming months.

Defense Expenditures Current Account Deficit and Economic Growth Relationship: The Case of NATO Countries

Asst. Prof. Dr. Mustafa TORUSDAĞ; Professor Dr. Ekrem GÜL

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 2, Pages 1209-1234
DOI: 10.47750/cibg.2021.27.02.138

In the economic literature, there are not many studies in the empirical literature on defense spending, current account deficit and its effect on economic growth. In this study, to investigate the relationship between NATO countries for the 1990-2017 period. In the analyzes, Emirmahmutoğlu and Köse (2011) and Dumitreschu-Hurlin (2012) panel causality tests were used. As a result of the analysis, one unit increase in defense expenditures increased economic growth by 0.878 units, according to the first model in which GNP variable is taken as dependent variable for NATO countries. Therefore, it has been determined that there is a positive externality relationship between defense expenditures and economic growth. According to the second model, in which defense expenditures are taken as dependent variable, a positive relationship was determined between military expenditures and arms exports and imports.

ANALYZING THE RELATIONSHIP BETWEEN GREENHOUSE GAS EMISSION AND ECONOMIC GROWTH IN EU ECONOMIES

LUIGI PIO LEONARDO CAVALIERE; AHMED FARHAN SAEED; SANAM WAGMA KHATTAK; SUMAIRA YOUSUF KHAN

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 2, Pages 1021-1032
DOI: 10.47750/cibg.2021.27.02.122

It is the consensus among many econometrician and environmental economists that Greenhouse gases like CO2, CH4, N2O, and O3 are the major source of environmental degradation around the globe. EU economies are also suffering from this problem as other economies of the world. The prime objective of this paper is to analyze and gauge the environmental degradation due to economic activities in EU economies. The time series data (1961 to 2017) of economic growth (GDP per capita) has collected from world development indicator and the data of ecological footprint of consumption per capita is collected from Global Footprint Network. The results of
Johansson Co-integration and Vector Error Correction model confirms the long run and short run association between both the variables. The economic activities are the main reasons of environmental degradation in the EU economies. EU economies should adopts such policies which reduces the greenhouse gas emissions

FOREIGN DIRECT INVESTMENT, ECONOMIC GROWTH AND EMPLOYMENT:VAR METHOD FOR UZBEKISTAN

Ergashev Rakhmatillo; Kobilov Anvar; Makhmudov Sukhrob

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 2, Pages 1757-1769
DOI: 10.47750/cibg.2021.27.02.187

This paper examines the annual data series from 2000 to 2020 and analyses the interaction among foreign direct investment, economic growth and employment through VAR model.Augmented Dickey-Fuller test, Grangercausality test and variance decompositionresults show that the foreign directinvestment has a positive effect on economic growth and employment, and the economic growth has a positiveeffect on foreign direct investment and employment. There is a bi-directional causality between employment and economic growth.Meanwhile, theforeign direct investment can also result in an increase in the employment.Simultaneously, the high speed economicgrowth can improve the employment in Uzbekistan.More importantly, this paper providesrecommendationsfor Uzbekistan’s government to settle social problems such as employment and economic growth.Specifically, at present, Uzbekistan’s government should encourage foreign investors to invest in Uzbekistan because itcan be beneficial to employment and economic growth in Uzbekistan. Of course, the structure of employment alsoshould be optimized so as to keep high speed economic growth.

Tax policy as a toolkit on ensuring the conditions for the formation of a favourable business environment in a post-crisis economy

NINA NIKOLAEVNA TYUPAKOVA; MIRA SHARSHENKULOVNA RYSALIEVA; MUSA SHAMSUDINOVICH MERZHO; IRINA VALERIEVNA SUGAROVA; NONA VALERIEVNA TUAEVA

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 2, Pages 3961-3966
DOI: 10.47750/cibg.2021.27.02.406

The post-crisis development of the domestic economy brings into focus the need to find new sources of economic growth. One of the directions is the development of an effective tax policy. Exhausted potential of the economic growth model based on domestic and foreign demand is already evident. As a minimum, an immediate modification of the entire infrastructure of the financial and credit market is required. In these conditions, urgent proactive changes are needed; it is necessary to ensure transparency, provide effective tax incentives, increase the availability of credit and financial resources, etc. The group of key macroeconomic factors that negatively affect economic dynamics can be corrected by creating a set of priority tax policy instruments, which will neutralize the negative effect of dysfunctions of the financial system and ensure the business level and growth of investment activity in the national economy. The next global financial crisis aggravated by economic sanctions increased the impact of supranational institutions and increased the role and importance of state regulation in the Russian economy, and, first of all, in the field of tax institution activities. The importance of such coordination was shown as a result of the global economic crisis, the main reasons for which were systemic deficiencies in the implementation of regulatory macroeconomic policies; arbitrary use of innovative financial instruments; the chaotic development of aggressive lending technologies by commercial banks; improper use of methods for assessing investment risks, etc. The need for a theoretical and methodological study of modern tax policy structure in order to ensure a favourable business environment in the post-crisis economy prompted us to tackle this research topic.

Economic impact of agricultural micro-enterprises in the Arica desert: an approach to business assistance provided by the Sercotec Arica Business Center of Chile

Rodrigo Ignacio Barra Novoa

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 1, Pages 2997-3018

The article analyses under a descriptive and case study methodology the first economic impact results of the Small Business Development Center of Arica, a program financed by the Technical Cooperation Service (SERCOTEC). The preliminary conclusion of the article suggests that the first economic impact results show that the assisted enterprises in the Arica and Parinacota Region, especially in the agricultural segment exhibit certain similarities in most areas of business assistance that explain their positive performance in terms of increased sales.  It is also argued that the sustained capacity to identify new market opportunities and make efficient use of their productive resources - due to the local soil and climate conditions in the middle of the Atacama Desert - induce them to innovate permanently, stimulating the insertion of their products in more profitable markets, a fact that also explains their better economic performance.

The Impact Of State Budget Revenue On Economic Growth

Hoa Thi Nguyen

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 1, Pages 3393-3404

The study of the impact of state budget revenue on economic growth has an important role in evaluating state budget revenue effectiveness. The article evaluates the state budget revenue and tests the impact of state budget revenues on Vietnam's economic growth. With data collected for Vietnam from 1990 to 2019. The research variables are state budget revenue and Exchange rate, net domestic investment growth with the stationary test, and Autoregression distribution lag regression (ARDL). The ARDL model analysis results show that in the short-term, state budget revenue and exchange rate have a negative impact on the economic growth of Vietnam. In the long-term, state budget revenue and net domestic investment growth have a positive impact on economic growth, while the exchange rate does not affect economic growth. From these research results, the author also gives some policy implications based on state budget revenue, exchange rate, and net domestic investment growth to promote Vietnam's economic development sustainably.

China-Pakistan Economic Corridor: Cooperate Investment Development And Economic Modernization Encouragement

Sarfraz Hussain; Muhammad Rafiq; Abdul Quddus; Nisar Ahmad; Tien Phat Pham

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 1, Pages 96-108

Although international business and trade cooperation is regarded as a hallmark of the 21st century, the current liberal consensus on economic globalisation has been challenged by new events in Brexit through President Trump 's approach and pro-Trump-Multilateral business trade. This paper will argue that, on the alternative, the CPEC is China's scenarios and Pakistan's latest effort to lift the young generation of international trade, as the one Belt and one Road was suggested by China's economic corridor as a route to growth, whereas the CPEC would be even more valid of ignorance-bringing isolation. It's a game-changer with Pakistan, as that is a forum for economic integration. The CPEC will also flourish in China and Pakistan, but it will have such a positive effect on Iran, Afghanistan , India, the Central Asian Republic, and the region. Foreign business can be fostered by strengthening regional ties as opposed to anti-localization movements.

Impact of Coronavirus on Stock Market

Reepu .; Ritu Sharma; Ashita Chadha

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 1, Pages 2358-2364

The world has been suffering from Corona pandemic called as COVID-19. It has spread to more than 170 nations with the death toll being massive. Several thousand people have also recovered. Many pharmaceutical companies are testing to develop medicines and vaccines to cure the disease, but success has not been achieved yet. Wuhan of China reported about it in December and today four month later life has started to revert to normalcy there but the world is gripped under curfews, lock-down which has brought financial slowdown and crippled economic growth. Stock markets are also not devoid of its impact. Different nations have extended help to each other but yet the overall impact of COVID-19 is immeasurable. The present paper is an attempt to study the impact of COVID-19 on stock exchanges across the world. The implication of this study is that the managers may think to provide a solution in this tumultuous situation.

External debt and economic growth nexus in a small island developing state: An Autoregressive Distributed Lag Model investigation

Sheereen Fauzel, Fariiha Jugreet

Journal of Contemporary Issues in Business and Government, 2018, Volume 24, Issue 1, Pages 3-22

This study investigates the nature of the relationship between external debt and growth in Mauritius and seeks to explore whether macroeconomic policies affect this nexus. The Autoregressive Distributed Lag Model bound testing approach is employed on the time series data for the period of 1980 to 2016. The findings showed a negative relationship between external debt and growth, confirming the presence of debt overhang. A crowding out effect was also found since debt servicing had a negative effect on growth. On the other hand, when an interactive term of debt and good policy is introduced, the negative effect of external debt on growth is lower, reducing the debt overhang problem and leading to a weak crowding out effect. However, the use of such economic policy has negative consequences on domestic investment and trade.

South Korean Trade Strategies in the Post Global Financial Crisis

Sang-Chul Park

Journal of Contemporary Issues in Business and Government, 2014, Volume 20, Issue 1, Pages 59-76

Korea has developed rapidly since the 1960s to become one of the four Asian tiger economies. Korea is an example to other nations of how a developing country can develop its economy rapidly and become industrialized. Its development strategy has mainly been based on an export oriented trade policy. As a result, its trade volume has increased from USD1 billion at the beginning of the 1960s to USD1 trillion in 2011, which is a 1,000 time increase within five decades. However, the Korean economy has experienced turbulence as well as positive changes. It has faced severe economic crises such as the Asian financial crisis in 1997 and the global financial crisis in 2008. This paper discusses Korea’s trade policy and the strategies utilized over the last five decades to develop the national economy. It also explores how the government reacted and adapted its policy when the economy was hit by external economic crises. Moreover, it investigates and analyses the role that trade policy and strategy has played in developing the nation’s sustainability.