nep-cis New Economics Papers
on Confederation of Independent States
Issue of 2020‒09‒14
seven papers chosen by

  1. Republic of Belarus; 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Belarus By International Monetary Fund
  2. Confirmed cases and deaths by COVID-19: A comparison among the BRICS countries By Dias, Claudio Santiago Jr; Verona, Ana Paula
  3. Empirical interpretation and measurement of the productivity and efficiency of regions: the case of Latvia By Evgeniy Korshenkov; Sergey Ignatyev
  4. Ukraine; Request for Stand-By Arrangement and Cancellation of Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Ukraine By International Monetary Fund
  5. Экономика Грузии: хрупкая устойчивость роста By Grigoryev, Leonid; Pavlyushina, Victoria; Muzychenko, Evgeniya; Kulaeva, Nesipli
  6. Human resource management effects on sustainability of high-tech companies: what Lithuania and South Korea can learn from each other By Mindaugas Laužikas; Aistė Miliūtė
  7. Liaisons between culture and innovation: comparative analysis of South Korean and Lithuanian IT companies By Mindaugas Laužikas; Aistė Miliūtė

  1. By: International Monetary Fund
    Abstract: The Belarusian economy is in a cyclical recovery, inflation is at historically low levels and the exchange rate has been broadly stable. Although macroeconomic policy frameworks have improved, there is a need to reduce deep seated vulnerabilities such as rapidly rising public debt, high dollarization, and limited trade and financing diversification. In addition, reforms of the large state-owned enterprise sector are critical to tackle inefficiencies and increase potential growth. Risks ahead are elevated; notably, Belarus could lose significant oil-related discounts and transfers due to internal tax changes in Russia, but the authorities are confident of a successful outcome to the ongoing negotiations.
    Keywords: Article IV consultation reports;Fiscal policy;Monetary policy;Inflation targeting;Financial regulation and supervision;Dollarization;Fiscal reforms;Hydrocarbons;Energy taxes;Economic indicators;Debt sustainability analysis;Press releases;Staff Reports;Real sector;Central banks;Financial and Monetary Sector;Balance of payments;SOEs,medium-term,percent of GDP,net credit,rubel
    Date: 2019–01–17
  2. By: Dias, Claudio Santiago Jr (Universidade Federal de Minas Gerais); Verona, Ana Paula
    Abstract: This work seeks to compare the number of confirmed cases and deaths caused by COVID-19 among the BRICS member countries using data from Johns Hopkins University. The situation experienced by the BRICS is worrying. Brazil, Russia, India, and South Africa are among the five countries with the highest number of confirmed cases. Special attention should be given to Brazil, which ranks in second place regarding to the number of confirmed cases in the world. In addition, India will have the highest number of infections in March 2021, according to projections of Massachusetts Institute of Technology (MIT).
    Date: 2020–08–03
  3. By: Evgeniy Korshenkov (Baltic International Academy); Sergey Ignatyev (Baltic International Academy)
    Abstract: The main concepts of this study are productivity and efficiency, which are very relevant for Latvia and are reflected both in the latest scientific publications, dissertation researches and analytical reviews of the Latvian ministries and representatives of the European Commission in Latvia, as well as in expert reports published in the press. The objective of this article is empirical interpretation and search of the most corresponding to the terminological background method of measuring of the productivity and efficiency of regions, based on a specific example of the regions of Latvia. The results of the previous authors' research showed that the productivity of region is defined as it`s ability to create as many as possible goods or services per unit of time, while the efficiency is the pure economical term that takes into account the amount of the factors of production utilizied in the production process. Productivity / efficiency of a region is not only the sum of the productivity / efficiency of economical units functioning in this region, as contains a certain "delta"-synergy effect (for factors of production), agglomeration effect (for enterprises) or concentration effect (for industries). Always economically backward Latvia's region (Latgale region) is not with the lowest productivity calculated by the GDP per 1 km 2 of a region's territory-by this indicator less successful in Latvia is Vidzeme region. But by the earnings index, calculated taking into account the sectoral structure of employment in a region, exactly the Latgale region as usually occupies the last place in Latvia, and the Riga region-the first one. To calculate the efficiency of Latvia's regions, the authors relied on neoclassical growth models, which take into account the main classical factors of production-labor, land, capital. By the efficiency in Latvia the Riga region leads expectantly, almost 2 times exceeding the efficiency of Pieriga region, and more than 3 times,-the efficiency of Latgale region. But lowest efficiency in Latvia is not in the Latgale region, but once more in Vidzeme region.
    Keywords: production process,factors of production,productivity,efficiency,regions,Latvia
    Date: 2020–06–30
  4. By: International Monetary Fund
    Abstract: The Ukrainian authorities have been able to restore macro-economic stability and growth following the severe economic crisis of 2014–15. However, efforts to create a more dynamic, open, and competitive economy have fallen short of expectations, and the economy still faces important challenges. Investment, particularly foreign direct investment, is held back by a difficult business environment, while large numbers of worker seek job opportunities abroad as economic growth is too low for incomes to noticeably close the gap with regional peers. Reserves have recovered, but remain relatively low, while the economy is still vulnerable to shocks.
    Keywords: Stand-by arrangement requests;Fiscal consolidation;Public debt;Inflation targeting;Energy sector;Monetary policy;Governance;Extended Fund Facility;Extended arrangement cancellations;Economic indicators;Debt sustainability analysis;Letters of Intent;Press releases;Staff Reports;Economic policy;Economic conditions;Macroprudential policies and financial stability;Economic stabilization;Proj,EFF,anticorruption,percent change,state-owned bank
    Date: 2019–01–08
  5. By: Grigoryev, Leonid; Pavlyushina, Victoria; Muzychenko, Evgeniya; Kulaeva, Nesipli
    Abstract: This paper is devoted to the analysis of the main factors of economic growth stability of Georgia persistent during the last 30 years of the country’s development. Exceptional gravity of the crisis in the beginning of market transformation of Georgia in 1980—1990 as well as the success of market reforms is discussed. The article also highlights the consequences of the transitional period both for the citizens of the country and for the whole economy, in particular for human capital development under conditions of persistent socio-economic imbalances. In addition, this research analyzes recent changes in the structure and the drivers of economic growth and the dependence of Georgian economy on external financing (both investments and personal remittances). Even though there has been a noticeable macroeconomic stability in the post-Soviet period which manifests itself in stable GDP growth rates, social development of Georgia is still characterized by a number of problems such as low natural population growth, high levels of poverty and social inequality.
    Keywords: economic growth, Georgia, post-Soviet states, human capital
    JEL: O11 O15 P2 P21
    Date: 2019
  6. By: Mindaugas Laužikas (Vilnius University [Vilnius]); Aistė Miliūtė (Vilnius University [Vilnius])
    Abstract: The literature on the role of intellectual capital on the development of an economy, industry or business is well established (Carnevale and Smith 2013, Lauzikas and Miliute 2017, Kavurmaci 2018, Koehorst et al. 2019, Schoff and Ito, 2019, Koehorst et al. 2019, and etc.). However, the scarcity of holistic transdisciplinary studies regarding factors/ conditions that are critical to unleash the potential of human resources, such as HR Management innovation (Gonera and Pabst 2019, Lee et al. 2019, and etc.), innovation culture (Isaacs et al. 2019, Halim et al. 2019, Sull et al. 2019, Lauzikas and Mokseckienė 2013, Lauzikas and Miliute 2019a, and etc.), creative leadership (Abdi et al. 2018, Jin et al. 2019, Collett et al. 2019, and etc.), modern technologies (Deloitte 2019, Lee et al., Kim et al. 2019, and etc.), new collaboration forms (Kane et al. 2019, Isaacs and Ancona, 2019, Lauzikas and Miliute 2019b, and etc.), social value-added (Wikhamn 2019, Marwede and Herstatt 2019, and etc.) calls for the untapped research potential in the area of Human Resource Management innovation, based on the development stage and peculiarities of cultural and social norms of an economy. The purpose of the present publication is to identify the key drivers of human capital-driven high-tech industries and understand how the Human Resource Management department could help strengthen competitive advantages of high-tech companies in South Korea and Lithuania. The research question is what Human Resource Management innovations are necessary to realign the innovation culture with a specific cultural/ social context and a corresponding economic/ business development stage in order to improve companies' competitive position in light of digital transformation of the market. The qualitative semi structured expert interviews led to assumptions and results which explain how human capital links the culture and innovation and why the percentage of commercialized creative ideas in South Korean companies is higher than in Lithuanian companies. In spite of practical and value adding implications and recommendations to both top management and experts of Governmental policies and programs, a more extensive quantitative research should be provided in the next articles of the same series to feel better the global market trends and understand demographic characteristics that affect the organizational behaviour patterns and HRM decisions.
    Keywords: human capital,technologies,HRM,innovation,high-tech,leadership,strategy,sustainability
    Date: 2020–06–30
  7. By: Mindaugas Laužikas (Vilnius University [Vilnius]); Aistė Miliūtė (Vilnius University [Vilnius])
    Abstract: The present publication is centred on the key liaisons of Innovation (Kane et al. 2019, Marwede and Herstatt 2019, Kremer et al. 2019, Narayan, 2019, Lauzikas and Miliute 2017, 2019a, 2019b, and etc.) and Culture (Lauzikas and Mokseckiene 2013, Boon et al. 2019, ASUG, 2019, Clercq and Pereira 2019, and etc.) as two separate components of innovation climate aas well as the main effects of combination of these dimensions on business sustainability (Collett et al. 2019, Halim et al. 2019, Sull et al. 2019, Jin et al. 2019, and etc.). The research problem is how to acknowledge and excel in the areas, related to ‘Innovation-Culture Symbiosis', without limiting the progress of innovation or human resource management as separate departments and not stopping a firm from strengthening its competitive advantages, driven by the combination of these dimensions. This is relevant and innovative, because nowadays a great number of efficiency and innovation-driven economies or high-tech industries face the necessity to identify, acknowledge and mitigate weaknesses in human resource or R&D performance as well as link these dimensions towards innovation culture via modern technologies, innovative managerial processes, strategic collaboration and creative leadership. The purpose of the present paper: comparing the key dimensions of ‘Innovation-Culture Symbiosis' in high-tech firms of South Korea and Lithuania (both are education-driven countries) it is expected to illustrate the dynamics of a holistic system of innovation and culture, where these two dimensions are interdependent and form a unique equilibrium (which corresponds to a specific economic and business development stage, position in the value-chain as well as cultural and social norms of a country). Taking into account that sustainable business calls for continuous improvement of products and processes via HRM techniques, R&D, innovation and technology, the present research results are pertinent and value-adding to high-tech companies of both economies: they could help reach healthier equilibrium between innovation and culture within a specific socio-economic context, and contribute to the establishment of monitoring models which track the dynamics of innovation culture and lead to the bigger economic and social value-added. Taking into consideration the trans-disciplinary holistic nature of innovation culture, which requires a rich knowledge and experience within the present topic, the semi structured interviews with experts of Lithuanian and South Korean IT firms were conducted, the research results of the two economies were compared, and recommendations were provided for both high-tech experts and governmental policy or program developers.
    Date: 2020–06–30

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