The activities of the budget institution are directly related to the society and each successful step is aimed at the development of the country. An effective system of internal control is the main lever for managing and minimizing the risks in budgetary institutions. That is why the study and elimination of problems and shortcomings related to internal control will functionally strengthen this system, which will have a positive impact on the efficiency of the functioning of budgetary institutions. The results of the research work and the recommendations developed based on it, will help budget institutions to improve the internal control system and, consequently, to manage risks. Resources in the public sector are created based on public money and therefore should be used in the public interest. That is why it is very important in the public sector to control the acquisition, use and protect the existing resources, which is regulated by the internal control system. The article deals with the issues of an effective internal control system and its quality assurance in Georgia. The paper discusses the importance of the internal control system and its components, the role, and importance of quality assurance of the internal control system about the identified problematic issues. The role and benefits of internal audit as an integral part of the internal control system are evaluated and analyzed on the example of the Georgian budget institution. Based on the conducted research and analysis, relevant conclusions have been made and problematic issues related to the internal control systems in the budget sector of Georgia have been assessed.
{"title":"INTERNAL CONTROL SYSTEM PROBLEMS, CHALLENGES AND ISSUES OF ITS IMPROVEMENT","authors":"Dali Sologhashvili, Tatia Udesiani","doi":"10.35945/gb.2021.12.023","DOIUrl":"https://doi.org/10.35945/gb.2021.12.023","url":null,"abstract":"The activities of the budget institution are directly related to the society and each successful step is aimed at the development of the country. An effective system of internal control is the main lever for managing and minimizing the\u0000risks in budgetary institutions. That is why the study and elimination of problems and shortcomings related to internal control will functionally strengthen this system, which will have a positive impact on the efficiency of the functioning of budgetary\u0000institutions. The results of the research work and the recommendations developed based on it, will help budget institutions to improve the internal control system and, consequently, to manage risks. Resources in the public sector are created based on public money and therefore should be used in the public interest.\u0000That is why it is very important in the public sector to control the acquisition, use and protect the existing resources, which is regulated by the internal control system.\u0000The article deals with the issues of an effective internal control system and its quality assurance in Georgia. The paper discusses the importance of the internal control system and its components, the role, and importance of quality assurance of\u0000the internal control system about the identified problematic issues. The role and benefits of internal audit as an integral part of the internal control system are evaluated and analyzed on the example of the Georgian budget institution. Based on the conducted research and analysis, relevant conclusions have been made and problematic issues related to the internal control systems in the budget sector of Georgia have been assessed.","PeriodicalId":272914,"journal":{"name":"Globalization and Business","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128600133","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The article is devoted to the study of directions for increasing transparency and publicity of local budgets. The study substantiates the need to improve the practice of using tools for increasing transparency and publicity, taking into account international experience, as well as identifies ways to increase the efficiency of using these tools in order to ensure the socioeconomic development of regions. The results of the study allow authors to develop directions for improving transparency and publicity of Ukrainian local budgets, which will help increase the efficiency of budgetary resources and the quality of public services.
{"title":"INCREASING TRANSPARENCY AND PUBLICITY OF UKRAINIAN LOCAL BUDGETS","authors":"L. Demydenko, Yu. Nakonechna, N. Miedviedkova","doi":"10.35945/gb.2021.12.006","DOIUrl":"https://doi.org/10.35945/gb.2021.12.006","url":null,"abstract":"The article is devoted to the study of directions for increasing transparency and publicity of local budgets. The study substantiates the need to improve the practice of using tools for increasing transparency and publicity, taking into account international experience, as well as identifies ways to increase the efficiency of using these tools in order to ensure the socioeconomic development of regions. The results of the study allow authors to develop directions for improving transparency and publicity of Ukrainian local budgets, which will help increase the efficiency of budgetary resources and the quality of public services.","PeriodicalId":272914,"journal":{"name":"Globalization and Business","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133126207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The modern paradigm of economic development shows that an important factor affecting the economic development is not only natural resources, but also innovative approaches that stimulate the competitiveness of the country. Forming the innovative economics in the direction of education, trade, investment and financial decentralization requires the selection of effective tools of innovative economics formation, which creates fertile foundation for the introduction of innovations in these areas. And this is achieved by optimal coordination of different combinations of state regulation instruments. Relevance of the topic: Determining the importance of the role of state in forming the innovative economics and developing the concept of national innovation system is connected with the scientists-economists of the neoclassical school of the 90s of the last century. However, apart from theoretical assessments, no complex research has been conducted in this direction. Scientific novelty of the research: The article outlines the main directions of forming the innovative economics based on the identification and analysis of the factors affecting the innovative economics. The need for the involvement of state institutions in the process of forming an innovative economy is also substantiated in this article.
{"title":"THE ROLE OF THE STATE IN FORMING THE INNOVATIVE ECONOMICS: THE CASE OF GEORGIA","authors":"Danelia Danelia","doi":"10.35945/gb.2021.12.005","DOIUrl":"https://doi.org/10.35945/gb.2021.12.005","url":null,"abstract":"The modern paradigm of economic development shows that an important factor affecting the economic development is not only natural resources, but also innovative approaches that stimulate the competitiveness of the country. Forming\u0000the innovative economics in the direction of education, trade, investment and financial decentralization requires the selection of effective tools of innovative economics formation, which creates fertile foundation for the introduction of innovations in these\u0000areas. And this is achieved by optimal coordination of different combinations of state regulation instruments. Relevance of the topic: Determining the importance of the role of state in forming the innovative economics and developing the concept of national innovation system is connected with the scientists-economists of the neoclassical school of the 90s of the last century. However, apart from theoretical assessments, no complex research has been conducted in this direction. Scientific novelty of the research: The article outlines the main directions of forming the innovative economics based on the identification and analysis of the factors affecting the innovative economics. The need for the involvement of state institutions in the process of forming an innovative economy is also substantiated in this article.","PeriodicalId":272914,"journal":{"name":"Globalization and Business","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132492824","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
. In recent years, logistics have gained great importance both locally and internationally. The status of a "transit country" has long been an important precondition for the development of the economy and international relations of Georgia. With the growth of the economy, Georgia's function as a trans-Caucasian corridor has expanded. This is the shortest route connecting East Asia with the Europe. Significant railway, motorway and pipeline transport passes through the territory of Georgia – by means of which, it is possible to cheaply and efficiently transport goods from the Caspian Sea to the Black Sea and vice versa. As a result of economic and infrastructural reforms carried out in recent years, the transport and logistics sector in Georgia has developed significantly, but not sufficiently yet. As a result of infrastructure modernization, simplification of customs procedures and liberalization of services in key sectors of the economy, the country's transit and logistics potential has been increased, providing better international connections with global markets. Georgia is currently modernizing and expanding its transport infrastructure, which includes a growing national expressway system, new rail routes, international airports and expanded seaports / terminals. At the same time, legislative approximation with the EU continues in the field of transport, which is a priority issue in the process of Georgia's European integration. The development of the country's infrastructure, transport, logistics, communications, energy, technology, education and financial hubs is important for realizing the potential. Donors are providing their assistance in achieving Georgia's logistics goals. With their help, the National Logistics Strategy of Georgia for 2021-2030 was prepared, which states that the logistics sector of Georgia is in the process of transformation. An important indicator of the state of the logistics sector in Georgia is the World Bank Logistics Index (LPI), where Georgia is not in the most favorable place (119th place among 160 countries). The Logistics Index reflects the vision of international service providers and business operators on how countries integrate into the global logistics network through their major trade gateways. Therefore, it reflects not only the changes throughout the country, but also problems associated with the access overseas. It should be noted that over the past decade Georgia has invested heavily in the development of road infrastructure, but logistics and intermodal infrastructure continues to be developed, resulting in low efficiency of maintenance of logistics system, relatively its high cost and less reliability of the logistics system, which negatively affects international transportation. COVID-19 has affected not only on the healthcare system, but also on global critical infrastructure, including transport and logistics. The start of pandemic highlighted a critical importance of transport and logistics s
{"title":"LOGISTICS DEVELOPMENT POTENTIAL OF GEORGIA AND COVID 19","authors":"Lali Osadze, Maka Sosanidze","doi":"10.35945/gb.2021.12.016","DOIUrl":"https://doi.org/10.35945/gb.2021.12.016","url":null,"abstract":". In recent years, logistics have gained great importance both locally and internationally. The status of a \"transit country\" has long been an important precondition for the development of the economy and international relations of Georgia.\u0000With the growth of the economy, Georgia's function as a trans-Caucasian corridor has expanded. This is the shortest route connecting East Asia with the Europe. Significant railway, motorway and pipeline transport passes through the territory of Georgia\u0000– by means of which, it is possible to cheaply and efficiently transport goods from the Caspian Sea to the Black Sea and vice versa. As a result of economic and infrastructural reforms carried out in recent years, the transport and logistics sector in Georgia\u0000has developed significantly, but not sufficiently yet. As a result of infrastructure modernization, simplification of customs procedures and liberalization of services in key sectors of the economy, the country's transit and logistics potential has been\u0000increased, providing better international connections with global markets. Georgia is currently modernizing and expanding its transport infrastructure, which includes a growing national expressway system, new rail routes, international airports and\u0000expanded seaports / terminals. At the same time, legislative approximation with the EU continues in the field of transport, which is a priority issue in the process of Georgia's European integration. The development of the country's infrastructure, transport, logistics, communications, energy, technology, education and\u0000financial hubs is important for realizing the potential. Donors are providing their assistance in achieving Georgia's logistics goals. With their help, the National Logistics Strategy of Georgia for 2021-2030 was prepared, which states that the logistics sector of Georgia is in the process of transformation. An important indicator of the state of the logistics sector in Georgia is the World Bank Logistics Index (LPI), where Georgia is not in the most favorable place (119th place among 160 countries). The Logistics\u0000Index reflects the vision of international service providers and business operators on how countries integrate into the global logistics network through their major trade gateways. Therefore, it reflects not only the changes throughout the country, but also\u0000problems associated with the access overseas. It should be noted that over the past decade Georgia has invested heavily in the development of road infrastructure, but\u0000logistics and intermodal infrastructure continues to be developed, resulting in low efficiency of maintenance of logistics system, relatively its high cost and less reliability of the logistics system, which negatively affects international transportation. COVID-19\u0000has affected not only on the healthcare system, but also on global critical infrastructure, including transport and logistics. The start of pandemic highlighted a critical importance of transport and logistics s","PeriodicalId":272914,"journal":{"name":"Globalization and Business","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128776390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Georgia experienced a substantial increase in the number of international visits during the last few years, boosting interest among the locals looking for new business opportunities. The optimistic expectations of future tourist flow led to an enormous amount of investments, mostly in the hospitality industry. The reality did not meet expectations after the world pandemic deteriorated the tourism flows leading to catastrophic losses for the tourism industry all over the world, including Georgia. This study employs a macroeconomics analysis tool - input-output model to identify the secondary economic effects of decreased tourism flows caused by COVID-19 in Georgia.
{"title":"MEASURING THE SECONDARY ECONOMIC IMPACT OF COVID-19 ON THE TOURISM INDUSTRY OF GEORGIA","authors":"Giorgi Bregadze","doi":"10.35945/gb.2021.12.014","DOIUrl":"https://doi.org/10.35945/gb.2021.12.014","url":null,"abstract":"Georgia experienced a substantial increase in the number of international visits during the last few years, boosting interest among the locals looking for new business opportunities. The optimistic expectations of future tourist flow led to an enormous amount of investments, mostly in the hospitality industry. The reality did not meet expectations after the world pandemic deteriorated the tourism flows leading to catastrophic losses for the tourism industry all over the world, including Georgia. This study employs a macroeconomics analysis tool - input-output model to identify the secondary economic effects of decreased tourism flows caused by COVID-19 in Georgia.","PeriodicalId":272914,"journal":{"name":"Globalization and Business","volume":"7 12","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113979436","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The rapidly accelerating globalization process in the 21st century, advances in technology and science, and other developments related to these processes have posed hitherto unknown challenges to our country's education system. Therefore, at the current stage of the country's development, the main challenge of the Georgian higher education system should be considered to improve the quality of education. However, the effectiveness of the higher education system depends on a large extent on the optimal distribution and efficient use of monetary resources between the various links and field of the education system. Based on the study, generalization and research of the above-mentioned issues in the article, the main factors, influencing the development of organizational leadership and educational space in Georgia, were identified. The aim of this research is to determine the compliance of the Georgian educational system with the international principles and to identify the model of a successful university with a significant impact in this direction. Also, based on the generalization and evaluation of the experience of foreign universities, active use and implementation of leadership strategies in Georgia. The aim of research is to identify the challenges of the Georgian education system based on the generalization of modern leadership practice. The object of research is Georgian and foreign educational institutions. The subject of research is to study and identify the factors that have a positive and negative impact on the development of the Georgian educational system. The research is based on analysis and synthesis, as well as graphic representation, comparison and other methods.
{"title":"MODERN PRACTICE OF LEADERSHIP: ITS ROLE AND IMPORTANCE IN THE SUCCESSFUL\u0000OPERATION OF THE ORGANIZATION","authors":"Teimuraz Sartania","doi":"10.35945/gb.2021.12.022","DOIUrl":"https://doi.org/10.35945/gb.2021.12.022","url":null,"abstract":"The rapidly accelerating globalization process in the 21st century, advances in technology and science, and other developments related to these processes have posed hitherto unknown challenges to our country's education system. Therefore,\u0000at the current stage of the country's development, the main challenge of the Georgian higher education system should be considered to improve the quality of education.\u0000However, the effectiveness of the higher education system depends on a large extent on the optimal distribution and efficient use of monetary resources between the various links and field of the education system. Based on the study, generalization and research of the above-mentioned issues in the article, the main factors, influencing\u0000the development of organizational leadership and educational space in Georgia, were identified. The aim of this research is to determine the compliance of the Georgian educational system with the international principles and to identify the model of a successful university with a significant impact in this direction. Also, based on the generalization and evaluation of the experience of foreign universities, active use and implementation of leadership strategies in Georgia. The aim of research is to identify the challenges of the Georgian education system based on the generalization of modern\u0000leadership practice. The object of research is Georgian and foreign educational institutions. The subject of research is to study and identify the factors that have a positive and negative impact on the development of the Georgian educational system.\u0000The research is based on analysis and synthesis, as well as graphic representation, comparison and other methods.","PeriodicalId":272914,"journal":{"name":"Globalization and Business","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121662990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The study of various initiatives of the European Union is highly pressing in terms of current globalization and regional integration processes. The Eastern Partnership is an EU initiative aimed at deepening and strengthening relations between the EU, its member states and the six countries of its Eastern neighborhood. The study of the issues concerning the economic development of the three associated countries (Georgia, Ukraine and Moldova) of Eastern Partnership is very important. Therefore, if these countries carry out significant reforms and the EU supports the development of the initiative, the integration of all three countries with the EU will possibly deepen. The paper discusses the indicators and peculiarities of socio-economic development of the EU Eastern Partnership Associated Countries. These countries are actively seeking for further integration into the global economy. Trade relations between Georgia, Moldova and Ukraine and the European Union have significant prospects. The share of Georgian exports to the EU in total exports amounted to 22%. EU plays an important role in Moldova’s exports; in 2019 the share of the EU in Moldova’s exports was 64%, which is the highest among the associated countries. Ukraine's trade with the EU is also high among these countries. In 2019, Georgia's foreign trade turnover (%) accounted for 75% of GDP, which is quite high. Negative trade balance is a very important problem for the country; trade deficit (%) accounted for 32% of GDP. In 2019, the share of trade turnover (%) of Moldova and Ukraine reached 72-72% of GDP. It should be noted that territorial integrity of all these countries within internationally recognized borders is violated which significantly hinders the economic development of the country; in addition, it also poses a serious threat to maintaining security and stability; and hinders their striving towards the EU. The Eastern Partnership allows its member countries, including Georgia, to accelerate the process of trade and economic integration with the European Union through bilateral and multilateral cooperation. The EU Eastern Partnership initiative promotes further integration of the member states into the EU, as well as the socioeconomic development of its member states. The Eastern partner countries have a common communist past. Georgia has the highest negative trade balance in foreign trade in goods among Eastern Partner countries. In addition, Georgia has the highest negative trade balance and negative import-export ratio. In case successful economic reforms are carried out Georgia might be the first Eastern Partner country to be awarded the status of an EU candidate country. None of the Eastern Partner countries is a member of NATO. There is no direct link between the EU and NATO; however, the recent enlargements have shown that before joining the EU the country first becomes a member of NATO. Georgia should continue further integration with the European Union and increase trad
{"title":"GEORGIA, UKRAINE AND MOLDOVA, THE EU EASTERN PARTNERSHIP MEMBER STATES:\u0000MODERN CHALLENGES","authors":"R. Putkaradze","doi":"10.35945/gb.2021.12.009","DOIUrl":"https://doi.org/10.35945/gb.2021.12.009","url":null,"abstract":"The study of various initiatives of the European Union is highly pressing in terms of current globalization and regional integration processes. The Eastern Partnership is an EU initiative aimed at deepening and strengthening relations between the EU, its member states and the six countries of its Eastern neighborhood. The study of the issues concerning the economic development of the three associated countries (Georgia, Ukraine and Moldova) of Eastern Partnership is very important. Therefore, if these countries carry out significant reforms and the EU supports the development of the initiative, the integration of all three countries with the EU will possibly deepen.\u0000The paper discusses the indicators and peculiarities of socio-economic development of the EU Eastern Partnership Associated Countries. These countries are actively seeking for further integration into the global economy. Trade relations between Georgia, Moldova and Ukraine and the European Union have significant prospects. The share of\u0000Georgian exports to the EU in total exports amounted to 22%. EU plays an important role in Moldova’s exports; in 2019 the share of the EU in Moldova’s exports was 64%, which is the highest among the associated countries. Ukraine's trade with the\u0000EU is also high among these countries. In 2019, Georgia's foreign trade turnover (%) accounted for 75% of GDP, which is quite high. Negative trade balance is a\u0000very important problem for the country; trade deficit (%) accounted for 32% of GDP. In 2019, the share of trade turnover (%) of Moldova and Ukraine reached 72-72% of GDP.\u0000It should be noted that territorial integrity of all these countries within internationally recognized borders is violated which significantly hinders the economic development of the country; in addition, it also poses a serious threat to maintaining security and stability; and hinders their striving towards the EU. The Eastern Partnership allows its member countries, including Georgia, to accelerate the process of trade and economic\u0000integration with the European Union through bilateral and multilateral cooperation.\u0000The EU Eastern Partnership initiative promotes further integration of the member states into the EU, as well as the socioeconomic development of its member states. The Eastern partner countries have a common communist past. Georgia has the highest negative trade balance in foreign trade in goods among Eastern Partner countries. In addition, Georgia has the highest negative trade balance and negative import-export ratio. In case successful economic reforms are carried out Georgia might be the first Eastern Partner country to be awarded the status of an EU candidate country.\u0000None of the Eastern Partner countries is a member of NATO. There is no direct link between the EU and NATO; however, the recent enlargements have shown that before joining the EU the country first becomes a member of NATO. Georgia should continue further integration with the European Union and increase trad","PeriodicalId":272914,"journal":{"name":"Globalization and Business","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126697569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
According to a review of "Central Banks: Monthly Balance Sheets", prepared by the consulting company Yardeni Research, Inc., the assets of the four leading central banks in the world - the US Federal Reserve (FED), the European Central Bank (ECB), the Bank of Japan and the People's Bank of China (PBOC), increased by 4.8 times over the specified period. Consequently, the liabilities of the big four central banks increased by 4.8 times. As it is known, the bulk of the Central Bank's liabilities is money issued by central banks (in the form of cash and deposits, on which commercial banks place their funds). Therefore, the money supply issued by four banks in a quarter of a century has also increased by 4.8 times. The FED was especially distinguished by the fact that it began to sharply increase the issue of money in the midst of the financial crisis of 2008-2009. This was done under the flag of "quantitative easing" (QE). There were three "quantitative easing" programs, the last one ended in 2014. However, when the US declared a "pandemic" and began to impose quarantine restrictions, the Fed's printing press was again launched at full capacity. Now the Fed buys $ 120 billion a month in the securities market ($ 80 billion in US Treasury securities and another $ 40 billion in mortgage securities). Accordingly, the dollar supply is increasing by the same amount every month. The Bank of Japan is on the second place in terms of the growth rate of assets (and money supply). It began to build up assets and money supply earlier than other leading central banks, from the end of the 20th century to the beginning of the 21st century. At the end of February 2021, the picture has changed radically. We see a rapid rise in the value of the indicator at the Bank of Japan, at the turn of 2018-2019. It crossed the 100% bar. Now its assets are equal to 127.4% of GDP. The indicators of the relative level of assets of the Fed and the ECB have grown very much. But the Central Bank of China has reduced the relative value of its assets by about a third. This is both the result of curbing the activity of the Chinese Central Bank and the fact that China has experienced high rates of GDP growth. As for the other three leading central banks, their policy of increasing money supply will continue. The head of the US Federal Reserve, Jerome Powell, makes it clear that the US Central Bank, at least until the end of the year, will continue to buy securities in the same volumes (that is, $ 120 billion a month). ECB President Christine Lagarde said in March that the bank would accelerate asset purchases in the coming months under the Pandemic Emergency Purchase Program (PEPP). The volume of this program is 1.85 trillion EUR. In addition, the main ECB repurchase program continues to operate. Other central banks that are not included in the survey by Yardeni Research, Inc. are also pursuing an asset buildup course. Among them are the Bank of England and the Swiss National Bank. Leading
根据咨询公司Yardeni Research, Inc.编制的《央行:月度资产负债表》的回顾，世界四大央行——美联储(FED)、欧洲央行(ECB)、日本银行和中国人民银行(PBOC)的资产在指定时期增加了4.8倍。结果，四大央行的负债增加了4.8倍。众所周知，中央银行的大部分负债是中央银行发行的货币(以现金和存款的形式，商业银行将资金存放在存款上)。因此，四家银行在四分之一世纪里发行的货币供应量也增加了4.8倍。在2008-2009年金融危机期间，美联储开始大幅增加货币发行量，这一点尤为突出。这是在“量化宽松”(QE)的旗帜下完成的。有三次“量化宽松”计划，最后一次于2014年结束。然而，当美国宣布“大流行”并开始实施隔离限制时，美联储的印钞机再次开足了马力。现在，美联储每月在证券市场购买1200亿美元(其中800亿美元是美国国债，另外400亿美元是抵押贷款证券)。因此，美元供应量每月都在以同样的幅度增加。就资产(和货币供应)增长率而言，日本央行(Bank of Japan)排名第二。从20世纪末到21世纪初，它开始比其他主要央行更早地积累资产和货币供应。到2021年2月底，情况发生了根本性的变化。我们看到，在2018-2019年交替之际，日本央行的这一指标的价值迅速上升。它越过了100%的横条。现在它的资产相当于GDP的127.4%。美联储和欧洲央行相对资产水平的指标大幅增长。但中国央行已将其资产的相对价值降低了约三分之一。这既是抑制中国央行活动的结果，也是中国经历了高GDP增长率的事实。至于其他三个主要央行，它们增加货币供应的政策将继续下去。美联储主席杰罗姆·鲍威尔明确表示，至少在今年年底之前，美国央行将继续以同样的规模购买证券(即每月1200亿美元)。欧洲央行行长克里斯蒂娜•拉加德(Christine Lagarde)今年3月表示，欧洲央行将在未来几个月根据流行病紧急购买计划(PEPP)加速资产购买。该计划的规模为1.85万亿欧元。此外，欧洲央行的主要回购计划继续运作。Yardeni Research, Inc.调查中未包括的其他央行也在进行资产积累过程。其中包括英格兰银行和瑞士国家银行。世界主要央行在为失控的货币排放辩护时，将其称为“大流行”。创造的货币供应量越多，这种货币相对于竞争对手货币的汇率就越低。而低估本国货币汇率是增强本国企业国际竞争力的一种手段。然而，这种竞争可能导致竞争对手央行的货币崩溃
{"title":"ANTI-CRISIS POLICY OF THE LEADING CENTRAL BANKS AT THE PRESENT STAGE","authors":"Malkhaz Chikobava","doi":"10.35945/gb.2021.12.019","DOIUrl":"https://doi.org/10.35945/gb.2021.12.019","url":null,"abstract":"According to a review of \"Central Banks: Monthly Balance Sheets\", prepared by the consulting company Yardeni Research, Inc., the assets of the four leading central banks in the world - the US Federal Reserve (FED), the European Central Bank\u0000(ECB), the Bank of Japan and the People's Bank of China (PBOC), increased by 4.8 times over the specified period. Consequently, the liabilities of the big four central banks increased by 4.8 times. As it is known, the bulk of the Central Bank's liabilities is money\u0000issued by central banks (in the form of cash and deposits, on which commercial banks place their funds). Therefore, the money supply issued by four banks in a quarter of a century has also increased by 4.8 times. The FED was especially distinguished by the fact that it began to sharply increase the issue of money in the midst of the\u0000financial crisis of 2008-2009. This was done under the flag of \"quantitative easing\" (QE). There were three \"quantitative easing\" programs, the last one ended in 2014. However, when the US declared a \"pandemic\" and began to impose quarantine restrictions,\u0000the Fed's printing press was again launched at full capacity. Now the Fed buys $ 120 billion a month in the securities market ($ 80 billion in US Treasury securities and another $ 40 billion in mortgage securities). Accordingly, the dollar supply is increasing by the same amount every month. The Bank of Japan is on the second place in terms of the growth rate of assets (and money supply). It began to build up\u0000assets and money supply earlier than other leading central banks, from the end of the 20th century to the beginning of the 21st century. At the end of February 2021, the picture has changed radically. We see a rapid rise in the value of the indicator at the Bank of Japan, at the turn of 2018-2019. It crossed the 100% bar. Now its assets are equal to 127.4% of GDP. The indicators of the relative level of assets of the Fed and the ECB have grown very much. But the Central Bank of China has reduced the relative value of its assets by about a third. This is both the result of curbing the activity of the Chinese Central Bank and the fact that China has experienced high rates of GDP growth.\u0000As for the other three leading central banks, their policy of increasing money supply will continue. The head of the US Federal Reserve, Jerome Powell, makes it clear that the US Central Bank, at least until the end of the year, will continue to buy securities in the same volumes (that is, $ 120 billion a month). ECB President Christine Lagarde said in March that the bank would accelerate asset purchases in the coming months under\u0000the Pandemic Emergency Purchase Program (PEPP). The volume of this program is 1.85 trillion EUR. In addition, the main ECB repurchase program continues to operate.\u0000Other central banks that are not included in the survey by Yardeni Research, Inc. are also pursuing an asset buildup course. Among them are the Bank of England and the Swiss National Bank.\u0000Leading","PeriodicalId":272914,"journal":{"name":"Globalization and Business","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126616444","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Article analysis new technological opportunities for Georgia to reduce the Small and Medium size Enterprises (SME) financing gap, which hinders not only their own, but country’s economic development. While SME sector has a vital role in employment, inclusiveness, gross domestic product generation and etc. in any country in the world and especially in developing ones, they still face significant credit constraints having bank centered, non-diversified financial systems within their economies. However, modern digital financial technologies, could be seen as a paradigm changing instrument for Georgia. The reasons for the Fintech industry at the initial stage of its development in Georgia are different and mainly related toward (but not limited with): not enough legislative support so far; lack of financial education among society and even SME sector; low competition on the market; covid-19 global pandemic and related challenges; not enough motivation among businesses and businessmen to spend enough time, money and effort to innovate; lack of interest from the fintech industry because of small market size and etc.; decrease the foreign direct investments and increase the investment’s share in the banking sector and the absence of qualified workforce in needed amount.
{"title":"SME SECTOR DEVELOPMENT THROUGH FINTECH IN GEORGIA","authors":"Vakhtang Charaia, Mariam Lashkhi","doi":"10.35945/gb.2021.12.025","DOIUrl":"https://doi.org/10.35945/gb.2021.12.025","url":null,"abstract":"Article analysis new technological opportunities for Georgia to reduce the Small and Medium size Enterprises (SME) financing gap, which hinders not only their own, but country’s economic development. While SME sector has a vital role in employment, inclusiveness, gross domestic product generation and etc. in any country in the world and especially in developing ones, they still face significant credit constraints having bank centered, non-diversified financial systems within their economies. However, modern digital financial technologies, could be seen as a paradigm changing instrument for Georgia. The reasons for the Fintech industry at the initial stage of its development in Georgia are different and mainly related toward (but not limited with): not enough legislative support so far; lack of financial education among society and even SME sector; low competition on the market; covid-19 global pandemic and related challenges; not enough motivation among businesses and businessmen to spend enough time, money and effort to innovate; lack of interest from the fintech industry because of small market size and etc.; decrease the foreign direct investments and increase the investment’s share in the banking sector and the absence of qualified workforce in needed amount.","PeriodicalId":272914,"journal":{"name":"Globalization and Business","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126696658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Generalization of macroeconomics dynamic model is mean of multipliable influence in different directions of Technological progress on economic growth, connection between production and its intensification on non-production factors, and optimal component criteria for social-economic intensification process. The Spline structure of Production Function is an efficient tool for establishing the dynamics of its parameters, which, in turn, makes it possible to correlate the efficiency of the production factors and their combination with the potential of the intensification factors: scientific-technical, educational, and organizational. Application of ultimate model for creation of aggregate figures’ movement, rates and proportions and reaching of social purposes and their dynamic results: prediction of normative genetic consumption demand calculation on a person, public and state.
{"title":"ECONOMIC GROWTH OF GEORGIA AND SOCIAL PROBLEMS","authors":"Merab Julakidze","doi":"10.35945/gb.2021.12.020","DOIUrl":"https://doi.org/10.35945/gb.2021.12.020","url":null,"abstract":"Generalization of macroeconomics dynamic model is mean of multipliable influence in different directions of Technological progress on economic growth, connection between production and its intensification on non-production factors, and optimal component criteria for social-economic intensification process. The Spline structure of Production Function is an efficient tool for establishing the dynamics of its parameters, which, in turn, makes it possible to correlate the efficiency of the production factors and their combination with the potential of the intensification factors: scientific-technical, educational, and organizational. Application of ultimate model for creation of aggregate figures’ movement, rates and proportions and reaching of social purposes\u0000and their dynamic results: prediction of normative genetic consumption demand calculation on a person, public and state.","PeriodicalId":272914,"journal":{"name":"Globalization and Business","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124311343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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