Issues of modern macroeconomics: new post-crisis perspectives on the world economy

Welfens, Paul J. J.

doi:10.1007/s10368-014-0299-2

Cited by 5 publications

(3 citation statements)

References 30 publications

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“…From Figure 9 it is clear that during recessions the profit growth rate of companies goes down or even becomes negative, the proportion of unprofitable companies goes up, which surely affects profitability ratio of Russian companies (Figure 10). Production collapse, deterioration on the markets of work and finance, erosion of purchasing power and investment activity as well as other difficulties in national economies of practically all countries across the world resulted in a growing number of bankruptcies of economic subjects (Welfens, 2014;Wu et al, 2015;Lopatta and Kaspereit, 2014). For instance, the chain bankruptcy index of legal entities in the USA in 2009 reached the point of 54%, and of physical personsof 31% (Artemieva, 2012) (Figure 11).…”

Section: Impact Of the Global Recession On Financial And Economic Susmentioning

confidence: 99%

Impact of the Global Recession on Financial and Economic Sustainability of Industrial Companies

Tatyana¹,

Andrey²

2019

ERSJ

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On the cusp of the 20 th and 21 st centuries it is extraordinary difficult to provide the stability of national economies due to globalisation effects. In fact, globalisation causes major interdependence between economies of different countries, therefore, their economic relations influence the world economic climate.Countries develop strong business ties with their counterparts; national economies are integrated due to such factors as division of labour, internationalisation of monetary funds, scientific and technological progress, increasing degree of national economies openness and free trade. As a result, economies of different countries integrate into the worldwide reproduction process. International economic integration indicates a high development level of global economy.However, since single countries become exposed and highly susceptible to changes in economies of other states, the external environment is implied to present a significant uncertainty for commercial operations in single countries. Hence, in order to provide a stable functioning of both individual businesses and national economies it is necessary to analyse macro-and microeconomic parameters carefully, identify consistent patterns and make relevant predictions aimed at preventive management. The present article will discuss these challenges.

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Section: Impact Of the Global Recession On Financial And Economic Susmentioning

confidence: 99%

Impact of the Global Recession on Financial and Economic Sustainability of Industrial Companies

Tatyana¹,

Andrey²

2019

ERSJ

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“…74-76). In this approach, the size of the respective country, as proxied by the labor force L, plays a role for the growth rate, which is not very plausible in view of empirical findings (JONES, 1995); and the recent debate about key macroeconomic issues also raises new questions (WELFENS, 2014).…”

Section: Introductionmentioning

confidence: 99%

Innovation, Inequality and a Golden Rule for Growth in an Economy with Cobb-Douglas Function and an R&D Sector

Welfens

2015

SSRN Journal

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Innovation, Inequality and a Golden Rule for Growth in an Economy with Cobb-Douglas Function and an R&D Sector * The innovative approach presented introduces a modified neoclassical growth model which includes a new bias of technological progress in a quasi-endogenous growth model in which part of labor is used in the research & development sector. The combination of a macroeconomic production function and a new progress function, plus the assumption that the output elasticity of capital is positively influenced by the size of the R&D sector, sheds new light on innovation and growth as well as income inequality: Thus there is a new approach for explaining Piketty's historical findings of a medium term rise of the capital income share in industrialized countries -both in the earlier and later part of the 19th century and in 1990-2010. A rising share of capital income can be explained within this approach by the increase in the output elasticity of capital, which has been developed in a new way, namely in the context of R&D. In the approach presented herein, the golden rule issues are also highlighted and it is shown that choosing the right size of the R&D sector will bring about maximum sustainable per capita consumption. While the basic new model is presented for the case of a closed economy, one could easily accommodate both trade and foreign direct investment and thereby get a better understanding of complex international investment, trade and FDI dynamics -including with respect to the envisaged Transatlantic Trade and Investment Partnership.

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“…The global economic pattern (Welfens, 2014) refers to the external demonstration of the internal structure of the global economy generated by the interaction among different countries or country groups. Its essence is the comparison of major countries or country countries in terms of their economic power and the distribution of the power to dominate economy of other countries and even the global economy.…”

Section: Basic Characteristics Of the Current Global Economic Patternmentioning

confidence: 99%

Dynamic Evolution of Global Economic Pattern Based on Grey System

2016

Rev. Téc. Ing. Univ. Zulia

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This paper analyzes generation causes and transition process of the global economic pattern, conducts an indepth research into the impact of emerging economies on the global economic pattern and puts forward the global economic pattern evolution model based on the gray correlation analysis. First, the world is divided into several major economic areas in terms of space, and into six different core periods in terms of time. The grey correlation coefficient between the GDP growth rate of various economic areas and the global GDP growth rate in different periods is calculated respectively. At last, the correlation coefficient thus obtained is ranked so as to extract the dynamic evolution process of the global economic pattern. The calculation results suggest that: from 1951 to 19990, the core economic areas deciding the trend of the global economy were countries in West Europe and Western derivative countries. During 1971~1990 in particular, Western derivative countries were leading the global economy. However, with the thriving of the emerging economies, Latin America, Asia and Africa became the core economic areas deciding the global economic trend. Besides, the model points out that, due to the collapse of the Soviet Union, the Soviet Union and the global economy was the least correlated with each other.

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Issues of modern macroeconomics: new post-crisis perspectives on the world economy

Cited by 5 publications

References 30 publications

Impact of the Global Recession on Financial and Economic Sustainability of Industrial Companies

Impact of the Global Recession on Financial and Economic Sustainability of Industrial Companies

Innovation, Inequality and a Golden Rule for Growth in an Economy with Cobb-Douglas Function and an R&D Sector

Dynamic Evolution of Global Economic Pattern Based on Grey System

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