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ISSN 1818-4510
Belarusian
Economic Journal
Quarterly scientific and practical journal
Published since 1997
No 4 ● 2015
RESUME
CONCEPTUAL APPROACHES, METHODS, AND INSTRUMENTS
OF CLUSTER POLICIES IN BELARUS AND POLAND: A COMPARATIVE ANALYSIS
Ludmila Nekhorosheva1, Edward Hoscilowicz2
Authors affiliation: 1 Belarus State Economic University (Minsk, Belarus);
2
University of Finance and Management in Bialystok (Bialystok, Poland).
Corresponding author: Ludmila Nekhorosheva ([email protected]).
ABSTRACT. The article considers a new philosophy as well as new approaches, models, and techniques of making
decisions concerning concept formation and development of innovative industrial clusters in the context of Belarus’s and
Poland’s industrial policies. Researched are the main issues and directions of establishing and developing innovative
industrial clusters in the Republic of Belarus based on the experiences of Poland and other foreign countries, as well as
prospects of forming high tech clusters in conditions of the “new economy”.
KEYWORDS: cluster, economic development, innovative industrial clusters, industrial policy, global economic
development trends, cluster policy, support instruments of clusters.
JEL-code: F63, L78, L88, O25, O31, O38, P13, R11, R58.
Received 17.07.2015
GENDER FACTORS OF BELARUS’S ECONOMY’S GROWTH
Кirill Rudy
Author affiliation: Administration of the President of Republic of Belarus (Minsk, Belarus).
Corresponding author: Kirill Rudy ([email protected]).
ABSTRACT. The state of Belarus’s economy keeps up to date the search of all possible reserves of its growth. The
article focuses on the social-economic aspects of gender inequality on labor market. Analyzed are labor resources.
Identified are the causes and reserves of increasing the economic growth in Belarus.
KEYWORDS: gender factors, discrimination on labor market, pension reform, social safety net, economic growth.
JEL-code: J13, J14, J16, H55.
Received 13.10.2015
ANALYSIS OF EXPERIENCE IN IMPLEMENTING INDUSTRIAL POLICY IN EAEC
MEMBER STATES AND EVALUATION OF ITS EFFECTIVENESS
Sergey Tolkachev, Anatolii Solovev
Authors affiliation: Financial University under the Government of the Russian Federation (Moscow, Russia).
Corresponding author: Anatolii Solovev ([email protected]).
ABSTRACT. The article presents the results of the factor and comparative analyses of the experience of
implementing the industrial policy in the EAEC member states over the period of 1990–2014. There have identified the
factors that influenced to a greater or smaller extent the implementation and effectiveness of the industrial policy. There
was made their comparative analysis, with the respective conclusions drawn.
KEYWORDS: Industrial policy, factor analysis, comparative analysis, effectiveness, Eurasian Union, Belarus,
Kazakhstan, Russia.
JEL-classification: L50, L51, L52.
Received 12.10.2015
ISSUES OF INCREASING ACTIVITY OF AZERBAIJAN’S NON-OIL SECTOR
INDUSTRIAL ENTERPRISES IN INNOVATION SPHERE
Azer Namazov, Rauf Jabiyev, Mahir Mukhtarov
Authors affiliation: Center for Scientific Innovations of Azerbaijan National Academy of Sciences (Baku,
Azerbaijan).
Corresponding author: Rauf Jabiyev ([email protected]).
ABSTRACT. The article considers the issues of formation and improvement of industry sector’s structure, including
that of science intensive sectors. Identified are the reasons for the low activity of the non-oil sector enterprises in the
innovation sphere. Suggested are measures for further improvement of production efficiency.
KEYWORDS: GDP, investments, modernization, return on assets, innovations, depreciation, competitiveness.
JEL-code: L60, L80, L90, O39.
Received 23.09.2015
TREND INFLATION ASSESSMENT FOR BELARUS: A MONETARY APPROACH
Aleksandra Bezborodova
Author affilation: National Bank of the Republic of Belarus.
Corresponding author: Bezborodova Aleksandra ([email protected]).
ABSTRACT. The present study describes the assessment of the trend inflation based on the monetary approach,
with a dynamic factor model used. With the purpose of assessing the correctness of the calculated indicator, a number of
tests were applied: a set of technical tests, tests for the ability to predict inflation, and tests of economic pithiness. The final
trend indicator of inflation meets the criteria of the tests carried out. An analysis of the trend inflation dynamic indicates
possible inflation acceleration in the short term in conditions of loosening monetary policy.
KEYWORDS: trend inflation, dynamic factor model, monetary approach, CPI, impulse response functions,
monetary indicators, price indices, Belarus.
JEL-code: C32, E31, E51.
Received 7.09.2015
DIRECTIONS OF EXPANDING THE USE OF EUROBONDS AS A BORROWING
INSTRUMENT BY THE REPUBLIC OF BELARUS
Irina Zhuk1, Andrei Belkovets2
Authors affiliation:
Belarus State Economic University (Minsk, Belarus).
2 Development Bank of the Republic of Belarus (Minsk, Belarus).
1
Corresponding author: Irina Zhuk ([email protected]).
ABSTRACT. The paper analyses the debut issue of Eurobonds by the Republic of Belarus. Identified are its
specifics and problems of issuance. The methods of research include formal logic, dialectics, comparative-historical,
retrospective and comparative analyses, and generalization. As a result, the authors identify the factors of high yield of
Belarus’s debut issue and its positive repercussions. They consider the prospects of subsequent entry into the world market
of Eurobond borrowings by Belarus’s residents. Suggested are a number of measures aimed at expanding the use of
Eurobonds as a borrowing instrument by Belarus, among which are measures on lowering the cost of credit resources, as
well as those on increasing access to capital markets and eliminating the drawbacks of the national legislation.
KEYWORDS: Eurobonds, credit linked notes, sovereign and corporate borrowers, yield to maturity, credit rating.
JEL-code: F14, F15.
Received 14.09.2015
MONETARY INTEGRATION IN THE EURASIAN ECONOMIC UNION: IMPLICATIONS
FOR BELARUS’S ECONOMY
Alexander Vaitsiakhovich
Author affiliation: Belarus State Economic University (Minsk, Belarus).
Corresponding author: Alexander Vaitsiakhovich ([email protected]).
ABSTRACT. The article discusses the prospects of monetary integration in the Eurasian Economic Union (EAEU)
and its possible consequences for Belarus’s economy. The main propositions of the modern theory of monetary integration
considering the causes and effects of the recent sovereign debt crisis in the Eurozone are systematized. In particular, the
article reasons the causality between the loss of monetary and exchange-rate instruments and sovereign debt accumulation.
Revealed are the effects of the loss of monetary and exchange-rate instruments on Belarus’ economy. The problem of
liquidity of the national economy is highlighted in conditions monetary integration. The article concludes with suggestions
whether involvement in monetary integration in the EAEU would be advisable for Belarus.
KEYWORDS: monetary integration, monetary union, monetary and foreign exchange policy, liquidity crunch,
sovereign debt crisis.
JEL-code: E51, E58, E62, F33, F34, F36, H63.
Received 14.10.2015
IMPROVING LABOR NORMING IN BELARUS
Nataliya Makovskaya
Author affiliation: Mogilev A.A. Kuleshov State University (Mogilev, Belarus).
Corresponding author: Nataliya Makovskaya ([email protected]).
ABSTRACT. The article presents the results of the research dealing with the functioning and organization of the
traditional system of labor norming in Belarus’s industry. An attempt was made to carry out the first monitoring of
rationing labor norming based on the scientific and methodological approaches applied in the world economic practice.
The purpose of this article is to draw attention of business practitioners and government to a system of labor norming
which has not changed since the days of the Soviet economy. For domestic enterprises the solution of the problems related
to the transformation of the system of labor regulation is relevant because it is not efficient to modernize and introduce the
latest technology on the basis of outdated approaches to the integration and application labor resources.
KEYWORDS: labor standards, the calculation of normative number of employees, wages, labor productivity, labor
intensity, the efficient amount of labor resources.
JEL-code: J21, J22, J23, J24.
Received 17.08.2015.
MODIFICATION OF INPUT-OUTPUT MODEL AND ITS APPLICATION FOR
IDENTIFYING AND PLANNING TOTAL IMPORT COSTS OF EXPORTED PRODUCTS
Aleksei Korotkevich, Boris Lapko
Authors affiliation: Belarus State University (Minsk, Belarus).
Corresponding author: Aleksei Korotkevich ([email protected]).
ABSTRACT. The article suggests an approach developed to modify an essential economic tool of analyzing and
planning – an input-output model, within the framework of which import consumption and costs have become part of the
inter-sectoral balance of Belarus. The modification of the input-output model was carried out with the aim of creating a
toolkit which enables to identify and plan the total costs of imported resources of various economic activities for the
manufactured and exported products and services. The proposed model makes it possible to calculate the total costs of
imports not only for exports but also for any other type of end product. There has been done a comparative analysis of the
results obtained on the basis of the input-output model of the Republic of Belarus and Sweden. It was found out that import
dependency of export oriented types of Belarus’s economic activities by and large is not higher than in Sweden; however,
their amount in Belarus in comparison with Sweden is much lower. The algorithm developed enables to easily and quickly
build a new model of inter-sectoral balance based on the current reporting input-output model.
KEYWORDS: Input-output model, import, export, type economic activity, end product, direct and total the import
costs, technological ratios, forecasting and planning the economy.
JEL-code: C67.
Received 8.07.2015
TIME SERIES ANALYSIS AND SPECIFICS OF SMALL OPEN ECONOMY IN
FORECASTING TAX REVENUES
Marina Dedusheva
Author affiliation: 1 National State Tax Service University of Ukraine (Irpin, Ukraine).
Corresponding author: Marina Dedusheva ([email protected]).
ABSTRACT. The article presents the findings of the research of statistical approaches of tax revenue forecasting
that can be used in Ukraine, given specifics of the national economy. In particular, there were considered such modern
time-series methods as ARIMA and autoregression vector error correction model (VECM). Demonstrated are the results of
their application for forecasting tax revenues to Ukraine’s consolidated budget. Revealed is the impact of Ukraine’s
economy peculiarities on the formation of forecast models. The fact that Ukraine is a small and open economy makes it
possible to assume that the tax revenues should be determined to a great extent by external terms of trade and the world
economic dynamics. It is shown that taking into account external economic variables significantly improves the accuracy
of the description of the actual data within the sampling when applying VECM- and RW- models.
KEYWORDS: tax revenue forecasting, modeling fiscal variables, random walk model, time series analysis,
ARIMA, estimation error, forecasting accuracy.
JEL-code: H21, C53, C32.
Received 12.06.2015
NOBEL PRIZE 2015 «FOR THE ANALYSIS OF CONSUMPTION, POVERTY
AND WELFARE»
Viktor Vorobiov
Author affiliation: Belarus State Economic University (Minsk, Belarus).
Corresponding author: Victor Vorobiev ([email protected]).
ABSTRACT. Considered is Angus Deaton’s contribution to the development of microeconomic foundations of
macroeconomics, problems of poverty, and living standards in developing countries.
KEYWORDS: the almost ideal demand system, the microeconomic foundations of macroeconomics, poverty and
welfare.
JEL-code: В21, В22, В31, D12.
Received 10.11.2015