ECONOMIC POLICY RESPONSE TO THE PANDEMIC SITUATION AND ASSESSMENT OF ECONOMIC REGULATION POLICY IN AZERBAIJAN
DOI:
https://doi.org/10.31732/2663-2209-2021-61-29-46Keywords:
global recession, financial crisis, macroeconomic stability, risk assessment, monetary policy, fiscal policy, liquidity provision, optimal strategy, dependencies, reliability interval, econometric modelling, multi-regression modelAbstract
The global pandemic throughout this period disseminated new approaches and realities that could not be reckoned by trustworthy credit rating agencies specializing in risk computation and organizations specializing in economic anticipating. Azerbaijan Republic as a country integrated into the global world, has coped to prevent the acute negative consequences of the Coronavirus (COVID-19) pandemic by accepting timely legislative enactment to lessen the negative outcomes of sharp fluctuations in energy trades, on the country's formed economy, macroeconomic permanency and stability, employment and developing entrepreneurship. We are witness of a globally extended health crisis unlike any crisis in the last century, spreading over human suffering, and affecting people’s daily lives. We can frankly say this is much more than a noted health crisis. It is economic, human and extended social crisis. Normally, an easing of financing conditions boosts demand by encouraging firms to borrow and invest, and households to bring forward future income and consume more. In turbulent times, monetary policy interventions also eliminate excess risk pricing from the market. The aim of the article is to study the reaction of economic policy to the situation with the pandemic and to assess the policy of economic regulation in Azerbaijan. The point of our research is to determine the extent to which the monetary environment is conducive to the adoption of an optimal strategy, along with the effectiveness of the measures taken in the country. İn first phase, paper touches general directions of economic regulation in developed and CİS countries, at the same time particularly analyzes the directions of regulation processes in Azerbaijan. In the second phase, we will analyze the establishment of optimal management strategies for the monetary policy system on the basis of econometric modeling in order to fully understand the extent of regulation. Based on the actual indicators of monetary economic indicators, the model will assess whether the role of sustainable decisions in regulation will be successful.
Downloads
References
Agenor, P.-R. and P.J. Montiel (2008), Development Macroeconomics, third edition (Princeton, NJ: Princeton University Press).
Anderson, T and C Hsiao (1981), “Estimation of dynamic models with error components”, Journal of the American Statistical Association, no 76, pp 598–606.
Attanasio Orazio P. and Guglielmo Weber (1992), “On the aggregation of Euler equation for consumption in simple OLG models” , University College, Departm ent of Economics, London, Discussion Paper in Economics.
Budd, J. W., and Spencer, D. A. (2015) Worker Well-Being and the Importance of Work: Bridging the Gap, European Journal of Industrial Relations, №21(2), рр. 181–196.
Barro, R (1979), “On the determination of the public debt”, Journal of Political Economy, no 87, pp. 940–71.
Bekaert, G. Harvey, C. and Lundblad, C. (2001), “Emerging equity markets and economic development”, Journal of Development Economics,№66, pp 465-504.
Beavis, Brian and Ian Dobbs (1990), Optimisation and Stability Theory for Economic Analysis, Cambridge: Cambridge University Press.
Bikker, J. A., P. J. A. van Els and M. E. Hemerijch (1993), “Rational expectations variables in macro-economic models: em pirical evidence for N etherlands and other countries”, Economic Modelling.
Bodkin, R. G. Klein, L. R. and Marwah, M. (1990), A History of Macroeconometric Model Building, Aldershot: Edward Elgar.
Borodych, S. A. (2006), Econometrics, Minsk, Belarus.
Balash, V. A. and Kharlamov, A. V. (2008), Econometrics, Saratov, Russia.
Vasenkova, E. M. Abakumova, Yu. H. and Bokova, S. Iu. (2015), Workshop on econometrics, Minsk, Belarus.
Carroll, Christopher D. (1992), “The buffer-stock theory of saving: some macro-economic evidence”, Brookings Papers on Economic Activity.
Clark, A. (2015), “What makes a good job? Job quality and job satisfaction’”, IZA World of Labor, 215 p. DOI: 10.15185/iz awol.215.
Cumbers, A. (2020), The Case for Economic Democracy, Polity Press.
Damador N. (2012), Gujerati «Temel ekonometri». Istanbul.
Elyseeva, Y. Y. (2003), Econometrics, Finance and statistics.
Eichenbaum, M. (1995), “Some comments on the role of econometrics in economic theory”, The Economic Journal.
Econometrics and economic - mathematical methods and models (2018), Minsk, Belarus.
FitzRoy, F. and Jin, J. (2020), Reforming Tax and Welfare, Social Justice and Recovery after the Pandemic, IZA Policy Paper, №157, May, retrieved from : https://www.iza.org/publications/pp.
Fisher, P. G. (1992), Rational Expectations in Macroeconomic Models. Dordrecht: Kluwer Academic Publishers.
Green, F. (2006), Demanding Work: The Paradox of Job Quality in the Affluent Economy, Princeton University Press.
Groot, L. and D. van der Linde (2017), The Labor-Managed Firm: Permanent or Start-Up Subsidies?, Journal of Economic, Issues, 51:4, 1074-1093, DOI: 10.1080/00213624.2017.1391592.
Gherity, Jam es A. (1990), “The international flow of m athem atical economics: from Lloyd to Thom pson” , The Manchester School.
Hsieh, N. (2008), Justice in Production: A survey Article, The Journal of Political Philosophy, Volume 16, Number 1.
Hacızalov, Y. İ. and Sadıqov, Ş. M. (2015), İqtisadi sistemlərin riyazi modelləşdirilməsi. Bakı.
Huang, Y. et al. (2020), “Saving China from the coronavirus and economic meltdown: Experiences and lessons”, in Baldwin, R. and B. Weder di Mauro (eds.), Mitigating the COVID Economic Crisis: Act Fast and Do Whatever It Takes, CEPR Press, London.
Hendry, D. F. (1995), “Econometrics and business cycle em pirics”, The Economic Journal.
IMF (2019), List of Low Income Countries Debt Sustainability Analyses for Eligible under the Poverty Reduction and Growth Trust As of November 30.
Ireland, P. N. (1995), “Endogenous financial innovation and the demand for money”, Journal of Money, Credit and Banking, Vol. 27, No. 1.
Kallis, G. Kalush, M.’Flynn O., H., Rossiter, J., and Ashford, N. (2013), “Friday Off: Reducing Working Hours in Europe”, Sustainability, №5, рр. 1545-67.
Kamien, M. I. and Schwartz, N. L. (Eds). (1991), Dynamic OptimizationThe Calculus of Variations and Optimal Control in Economics and M anagement, 2nd edition, Amsterdam: North-Holland.
Christopher Dougherty (2009), A Vision in Econometrics, Moscow, Russia.
Kouvavas, O. et al. (2020), “Consumption patterns and inflation measurement issues during the COVID-19 pandemic”, Economic Bulletin, Issue 7, ECB, November.
Mahnus, Ya. R. Katishev, P. K. and Peresetskyi, A. A. (2004), Econometrics, Russia, Moscow.
McGaughey, E. (2020), How do we stop an unemployment pandemic? The Guardian, 19 May 21 Michie, J., Blasi, J.R. and Borzaga, C. (Eds), The Oxford Handbook of Mutual, Co-operative, and Co-owned Business, Oxford University Press, Oxford.
Meltzer, A. H. (1995), “Monetary, credit (and other) transmission processes: a monetarist perspective”, Journal of Economic Perspectives, Vol. 9, No. 4.
Morgan, M. (1990), The History of Econometric Ideas, Cambridge: Cambridge University Press.
Meltzer, A. H. (1995), “Monetary, credit (and other) transmission processes: a monetarist perspective”, Journal of Economic.
Pesaran, M. H. (1990), “Linear rational expectations models under asymm etric and heterogeneous inform ation”, paper presented to the workshop.
Phillips, P. C. B. and B. Hansen (1990), “Statistical inference in instrum enta l variables regression with 1(1) processes”, Review of Economic Studies.
Rojas, M. (ed.), (2019), The Economics of Happiness, Springer.
Reynard, S. (2004), “Financial market participation and the apparent instability of money demand”, Journal of Monetary Economics, Vol. 51.
Woodford, M. (2003), Interest and prices: foundations of a theory of monetary policy, Princeton University Press.
Downloads
Published
How to Cite
Issue
Section
