ASSESSMENT OF THE GENERAL MACROECONOMIC BALANCE MODEL OF THE EXPORTORIENTED ECONOMIES (ON THE BASIS OF KAZAKHSTANI AND RUSSIA ECONOMIES)
This article contains the econometric analysis of usability of the general macroeconomic balance based on the IS-LM model in open economy. The authors also examine the correspondence of the model conclusions concerning macroeconomic policy in the export oriented countries (Russia and Kazakhstan). Th...
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| Format: | Article |
| Language: | English |
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Institute of Economics under the Science Committee of Ministry of Education and Science RK
2019-03-01
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| Series: | Экономика: стратегия и практика |
| Subjects: | |
| Online Access: | https://esp.ieconom.kz/jour/article/view/117 |
| _version_ | 1797879289943687168 |
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| author | D. B. Kunasheva V. N. Sidorenko Y. V. Bayeva |
| author_facet | D. B. Kunasheva V. N. Sidorenko Y. V. Bayeva |
| author_sort | D. B. Kunasheva |
| collection | DOAJ |
| description | This article contains the econometric analysis of usability of the general macroeconomic balance based on the IS-LM model in open economy. The authors also examine the correspondence of the model conclusions concerning macroeconomic policy in the export oriented countries (Russia and Kazakhstan). The quarterly date over the twenty years for Russia and ten years for Kazakhstan are used for this survey.The research is based on the estimations of the behavioral equations such as consumption, investment, net export, monetary demand and balance payment line.The authors identify the peculiarities of interconnection between crucial macroeconomic variables: household expenditures and net disposable income, gross accumulation and interest rate, net export and real exchange rate, money demand and interest rate and income.Primary goods of high export share restricts on the application of the classical monetary tools. Therefore, the influence on consumer and investment behavior via interest rate is poorly performing due to underdevelopment of credit channel of monetary policy transmission.Econometric calculations prove the low capital mobility in Russia and Kazakhstan. The connection between net financial account and interest rate changes is not detected. As a result of the analysis, it is identified that the direct and portfolio investments dynamics is determined by the leading industries’ profitability and exchange rates.These identified features of interconnection impose significant (almost overwhelming) restrictions on applying the IS-LM model in open economy to implement the macroeconomic regulation and forecasting in export oriented countries. |
| first_indexed | 2024-04-10T02:46:27Z |
| format | Article |
| id | doaj.art-2afdc984aa8341af8a5ab5577117f1ab |
| institution | Directory Open Access Journal |
| issn | 1997-9967 2663-550X |
| language | English |
| last_indexed | 2024-04-10T02:46:27Z |
| publishDate | 2019-03-01 |
| publisher | Institute of Economics under the Science Committee of Ministry of Education and Science RK |
| record_format | Article |
| series | Экономика: стратегия и практика |
| spelling | doaj.art-2afdc984aa8341af8a5ab5577117f1ab2023-03-13T07:45:29ZengInstitute of Economics under the Science Committee of Ministry of Education and Science RKЭкономика: стратегия и практика1997-99672663-550X2019-03-011412740115ASSESSMENT OF THE GENERAL MACROECONOMIC BALANCE MODEL OF THE EXPORTORIENTED ECONOMIES (ON THE BASIS OF KAZAKHSTANI AND RUSSIA ECONOMIES)D. B. Kunasheva0V. N. Sidorenko1Y. V. Bayeva2АО «Казахская головная архитектурно-строительная академия»Московская школа экономики МГУ им. М.В.ЛомоносоваКазахстанский филиал МГУ им. М.В.ЛомоносоваThis article contains the econometric analysis of usability of the general macroeconomic balance based on the IS-LM model in open economy. The authors also examine the correspondence of the model conclusions concerning macroeconomic policy in the export oriented countries (Russia and Kazakhstan). The quarterly date over the twenty years for Russia and ten years for Kazakhstan are used for this survey.The research is based on the estimations of the behavioral equations such as consumption, investment, net export, monetary demand and balance payment line.The authors identify the peculiarities of interconnection between crucial macroeconomic variables: household expenditures and net disposable income, gross accumulation and interest rate, net export and real exchange rate, money demand and interest rate and income.Primary goods of high export share restricts on the application of the classical monetary tools. Therefore, the influence on consumer and investment behavior via interest rate is poorly performing due to underdevelopment of credit channel of monetary policy transmission.Econometric calculations prove the low capital mobility in Russia and Kazakhstan. The connection between net financial account and interest rate changes is not detected. As a result of the analysis, it is identified that the direct and portfolio investments dynamics is determined by the leading industries’ profitability and exchange rates.These identified features of interconnection impose significant (almost overwhelming) restrictions on applying the IS-LM model in open economy to implement the macroeconomic regulation and forecasting in export oriented countries.https://esp.ieconom.kz/jour/article/view/117кеңейтілген is-lmэкспортқа бағдарланған экономикажалпы экономикалық тепе-теңдік моделірасширенная модель is-lmэкспортно ориентированные экономикимодель общего экономического равновесия |
| spellingShingle | D. B. Kunasheva V. N. Sidorenko Y. V. Bayeva ASSESSMENT OF THE GENERAL MACROECONOMIC BALANCE MODEL OF THE EXPORTORIENTED ECONOMIES (ON THE BASIS OF KAZAKHSTANI AND RUSSIA ECONOMIES) Экономика: стратегия и практика кеңейтілген is-lm экспортқа бағдарланған экономика жалпы экономикалық тепе-теңдік моделі расширенная модель is-lm экспортно ориентированные экономики модель общего экономического равновесия |
| title | ASSESSMENT OF THE GENERAL MACROECONOMIC BALANCE MODEL OF THE EXPORTORIENTED ECONOMIES (ON THE BASIS OF KAZAKHSTANI AND RUSSIA ECONOMIES) |
| title_full | ASSESSMENT OF THE GENERAL MACROECONOMIC BALANCE MODEL OF THE EXPORTORIENTED ECONOMIES (ON THE BASIS OF KAZAKHSTANI AND RUSSIA ECONOMIES) |
| title_fullStr | ASSESSMENT OF THE GENERAL MACROECONOMIC BALANCE MODEL OF THE EXPORTORIENTED ECONOMIES (ON THE BASIS OF KAZAKHSTANI AND RUSSIA ECONOMIES) |
| title_full_unstemmed | ASSESSMENT OF THE GENERAL MACROECONOMIC BALANCE MODEL OF THE EXPORTORIENTED ECONOMIES (ON THE BASIS OF KAZAKHSTANI AND RUSSIA ECONOMIES) |
| title_short | ASSESSMENT OF THE GENERAL MACROECONOMIC BALANCE MODEL OF THE EXPORTORIENTED ECONOMIES (ON THE BASIS OF KAZAKHSTANI AND RUSSIA ECONOMIES) |
| title_sort | assessment of the general macroeconomic balance model of the exportoriented economies on the basis of kazakhstani and russia economies |
| topic | кеңейтілген is-lm экспортқа бағдарланған экономика жалпы экономикалық тепе-теңдік моделі расширенная модель is-lm экспортно ориентированные экономики модель общего экономического равновесия |
| url | https://esp.ieconom.kz/jour/article/view/117 |
| work_keys_str_mv | AT dbkunasheva assessmentofthegeneralmacroeconomicbalancemodeloftheexportorientedeconomiesonthebasisofkazakhstaniandrussiaeconomies AT vnsidorenko assessmentofthegeneralmacroeconomicbalancemodeloftheexportorientedeconomiesonthebasisofkazakhstaniandrussiaeconomies AT yvbayeva assessmentofthegeneralmacroeconomicbalancemodeloftheexportorientedeconomiesonthebasisofkazakhstaniandrussiaeconomies |