EconomicJournal
Ежеквартальныйнаучно-практическийжурнал
Издаетсяс 1997г.
№1 (66) ● 2014
FORMING EURASIAN UNION: CHANCES AND RISKS
Ruslan Grinberg
Authors affiliation: Institute of Economics of RussianAcademy of Sciences (Moscow).
Corresponding author: Ruslan Grinberg ().
ABSTRACT. The Eurasian Economic Union (EAEU) is an open integration project which is to start working in 2015. Its member states – Russia, Belarus and Kazakhstan – have come to this form of integration not instantly. The CIS goals are mainly declarative by nature, with the integration within the framework of CIS accomplished using a trial-and-error method. The Customs Union is related to the first steps of the economic integration; however, its activities are not always transparent for all the member states. In contrast, EAEU as a regional project can be oriented at forming a union of sovereign states with a single economic, political, humanitarian, military and customs area, i.e. an integration on an institutional level. The reality for the former USSR countries is that by the human development index (HDI) they significantly lag behind successful economies. To solve this problem is up to the programs of joint modernization, support of science and innovative development. This is the only possible way to overcome social and economic barriers and successfully move taking into account the global risks.
Keywords: Customs Union, integration imperatives, Eurasian Union, innovations, sustainable development, economic modernization.
JEL-code: F13, F22, F36, F53.
ASPECTS OF Economic integrАtion IN CIS
in modern conditions
Vadim Matskevich
Authors affiliation: Belarusianstateeconomicuniversity (Minsk, Belarus).
Corresponding author: Vadim Matskevich ().
ABSTRACT. The paper considers the state of legal foundations and terms of implementing production cooperation and specialization aimed at mutual trade growth in the CIS free trade zone over the period of 2007–2012. Based on the statistical data, there has been identified lagging behind the plan of meeting the target indicators of the CIS economic growth. The main reason for lagging behind established was the growth of protectionist defense level of certain member states of the Customs Union within the framework of EurAsEC alongside with the expansion of the Commonwealth’s integration initiatives.
KEYWORDS: integration, CIS mutual trade, tariff and non-tariff restrictions, production cooperation, Customs Union.
JEL-code: F14, F15.
PLANNING EU TECHNICAL ASSISTANCE
TO BELARUS IN 2007–2013
Dzmitry Berazouski
Authors affiliation: Research institute of the Ministry of Economics of the Republic of Belarus(Minsk, Belarus).
Corresponding author: Dzmitry Berazouski ().
ABSTRACT. There have been analyzed and summed up the results of elaborating the EU technical assistance programs to Belarus in the period 2007–2013. In addition, there has been assessed the amount of assistance resources for the program period in question.
KEYWORDS: European Union (EU), international technical assistance, European Commission, EU instruments of foreign assistance, instrument of cooperation, instrument of good neighborhood, instrument of stability.
JEL-code: F01, F02.
RELEVANT PROBLEMS OF WORLD ECONOMY AND PROSPECTS OF ENSURING ITS SUSTAINABLE GROWTH
dmitrii kondratov
Authors affiliation: Institute of Economics of RussianAcademy of Sciences (Moscow).
Corresponding author: dmitrii kondratov ().
ABSTRACT. The author focuses on the global imbalances in the world economy. Provided is a review of the financial regulation in developed countries. Shown are the strengths of the financial policy and its current problems. Presented are the alternative methods of the macroeconomic regulation.
Key words: world economy, public debt, budget deficit/surplus, anti-crisis policy.
JEL-code: D53, E42, G01, F31.
Мergers and acquisitions in Global economy: influence of the crisis and possibilities for national economy
Alla Pranevich
Authors affiliation: BelarussianStateEconomicUniversity (Minsk, Belarus).
Corresponding author. Alla Pranevich ().
Abstruct. The article discusses the impact of the global economic crisis on the quantitative and qualitative characteristics of the global and national markets of mergers and acquisitions. Сountry and industry characteristics of mergers and acquisitions are identified. Specificity of the mergers and acquisitions market in the Republic of Belarus is disclosed, and the prospects of the country’s integration into the world economy through participation in mergers and acquisitions are stated.
Keywords: mergers and acquisitions, cross-border transactions, developing capital markets, investment, competitiveness.
JEL-code: G32, G34.
INTERNATIONAL TRADE IN SERVICES
OF THE REPUBLIC OF BELARUS WITHIN
THE FRAMEWORK OF THE ACCESSION TO THE WTO
Mikhail Balashevich, Darya Kudzialevich
Authors affiliation: BelarusianStateEconomicUniversity (Minsk, Belarus).
Corresponding author: Mikhail Balashevich ().
ABSTRACT. The paper deals with the elaboration of the recommendations for the accession of the Republic of Belarus to the WTO. The world tendencies of the development of the international services market are revealed. The WTO norms regulating the international trade in services are analyzed. The features of the international services market of the Republic of Belarus are showed. The correspondence of the Belarusian legislation to the GATS principles is estimated.
KEYWORDS: international trade in services, World Trade Organization, General Agreement on Trade in Services.
JEL-code: F13, F53, F55, L84.
INTERNATIONAL INTELLECTUAL MIGRATION: THEORY, METHODOLOGY OF RESEARCH AND SPECIFICS
OF REGULATION
Margarita Bondar
Authors affiliation: Belarusianstateeconomicuniversity (Minsk, Belarus).
Corresponding author:Margarita Bondar ().
ABSTRACT. The article discusses the reasons for and social-economic consequences of the international intellectual migration in modern conditions. Considered are various theoretical and methodological approaches to studying the processes of international intellectual migration. Identified are the main conceptual directions of its regulation. Generalized is the worldwide experience of its implementation in a number of developed, developing and transitional economies. Identified are the main centers of immigration attraction of intellectual capital as well as the factors influencing its dynamics. Analyzed are the specifics of the external intellectual migration trend and regulation in Belarus. Suggested are certain measures on brain drain prevention and pinpoint attraction of intellectuals to the country.
KEYWORDS: international intellectualmigration, brain drain, intellectual capital, countries-donors, countries-recipients, methods of regulating intellectual migration.
JEL-code: F22,J24, J40, J44, R23.
COINED GOLD BUSINESS ON THE PRECIOUS
METALS MARKET
Victor Mikhalsky
Affiliation: University of Modern Knowledge (Kiev, Ukraine).
Corresponding author:Victor Mykhalsky ().
ABSTRACT. Considered is the market of retail investments in gold coins. Studied are the factors of price formation of collectable and investment coins and specifics of investing on the markets of the CIS, USA and Europe. Synthesized is a number of assessment criteria, according to which the demand for and supply of hoarding coins is established.
KEYWORDS:coins, market, precious metals, gold, silver.
JEL-code: D14, E42, F33.
Technological modes and The economic development’s spatial component
Aliaksei Bykau
Authors affiliation:1 Belarusian state economic university (Minsk, Belarus).
Corresponding author: Aliaksei Bykau ().
ABSTRACT. S. Glazyev’s well known concept of technological modes, in which innovations are acknowledged as a leading factor of the economic development, is expanded by a spatial factor of the economic development. Assessed are the observed crisis events in the world economy as a consequence of its extensive growth’s restricted potential.
Keywords: technological mode, economic crisis, economic development.
JEL-code: O14, O33, O40.
Credibility and macroeconomic policy:
problems of INTERrelationship
Victor Vorobiev, Tatiana Maibarada
Authors affiliation:BelarusianStateEconomicUniversity (Minsk, Belarus).
Corresponding author: Victor Vorobiev ().
ABSTRACT. The article contains the substantiation of a theoretical and methodological approach to the analysis of credibility on a macroeconomic level and to a quantitative evaluation of credibility. It was revealed that the post-Soviet countries are characterized by a high variability of credibility, predominance of personalized credibility over aggregate interpersonal credibility, and uncertainty of evaluations. The main imperatives for raising credibility to the macroeconomic policy of the Republic of Belarus are as follows: overcoming the information deficit, forming feedback channels, managing expectations of the private sector, and reducing contradictions of the control forms.
KEYWORDS: credibility, economic policy, transitional economies, Republic of Belarus.
JEL-code: E17, E32, E61, H11, О11, Р20.
Stochastic modeling of the impact of the inflation level uncertainty on economic development
Ernest Aksen1, Ivan Belyacky2
Authors affiliation:1Belarusian State Economic University (Minsk, Belarus);
2 National Bank of the Republik of Belarus (Minsk, Belarus).
Corresponding authors: Ernest Aksen (), Ivan Belyacky ().
ABSTRACT. The paper presents a methodology of assessing the inflation rate uncertainty on the dynamics of macro-indicators (GDP, domestic and foreign investments, inflation rate, average wages, net export, etc.). The non-equilibrium continual model developed by the authors and used in this research paper has been designed with the employment of microeconomic approaches to accommodate market mechanisms by taking into account economic agents’ desire to increase their utility levels. The stochastic nature of the model enables to take into consideration production and financial risks. In order to explore the impact of the inflation rate uncertainty on the forecasted values of the macro-indicators, the authors suggest using the factors equal to the derivatives of the relevant forecasted values with respect to the relative change in the norm of the vector diffusion quotient of the price level.
Keywords:macroeconomic dynamics, price level, macro-indicator, economic system, stochastic model, economic agent, diffusion quotient.
JEL code:C61, E27.