Faig Ragimov

Bio: Faig Ragimov is an academic researcher from National Academy of State Administration. The author has contributed to research in topics: Oil reserves & Context (archaeology). The author has an hindex of 1, co-authored 1 publications receiving 8 citations.

Economic growth: macroeconomic effects of Public Borrowings at the global level

Abstract: The study examines the peculiarities of the impact of public debt on the economic growth of states. The aim of the study was to analyze and identify the determinants of the impact of government borrowing on economic growth. The following research methods have been applied: analysis and synthesis of data and theoretical work, comparative analysis, statistical, correlation, cluster and discriminant analysis. According to the results of the survey, it is established that the growth of government borrowing can have both a negative and a positive effect on the economy, provided that it implements as the share of government debt to GDP, does not exceed 60% and is implemented in the form of financial investments (golden rule of public finance). The state’s deficit is allowed provided that state assets grow; current income from investment fully covers current expenses. The results of clusterization allowed to allocate 3 groups of states: states that demonstrated the economic downturn; states characterized by slow economic growth; states that were characterized by high level of economic growth. The first group of states (the countries with economic downturn) observed a negative high level of government debt and GDP. The results showed the low level of domestic borrowing development in low and middle income countries, which in developed countries allows governments to finance the investment projects on the basis of local loans (municipal bonds, infrastructure bonds, mainly medium and long-term), increase the debt burden in terms of economic recession.

The prospects of implementation of UN Framework Classification of Resources while estimation of reserves and resources of hydrocarbons in Azerbaijan

Abstract: The paper reviews the prospects of implementation of modified framework classification of the reserves and resources of UN in the oil and gas fields of Azerbaijan Republic, providing more efficient management of energetic potential of the country. The main purpose of the work is the estimation of the possibility of transition from the classification of the reserves of fields, prospective and predictive resources of oil and fire gases existing in Azerbaijan from 1984 since the former Soviet Union to the globally admissible and applicable framework classification of UN. In this regard, a subject study has been carried out in the context of field “A” of Azerbaijan, which justified that the new framework classification considering ecologic, social and economic aspects of petroleum business as well provides a deeper comprehension and more precise evaluation of existing reserves/resources. This study is a basis for the development of associated document for simplified transition to the framework classification of UN in the future.

Digitalization as a Trend of Modern Development of the World Economy

Abstract: Transformation of economies with the application of information and communication technologies not only strengthens the competitiveness of countries in the international market, but also helps optimize and improve business processes in the international business environment. The purpose of the academic paper is to study the impact of digitalization on the development of the world economy on the example of the economies of the European Union member states. The following methods have been used, namely: analysis, description, generalization, induction, deduction, tabular representation, graphical representation, correlation analysis, systematization and grouping. Results: The positions of the European Union member states that are actively implementing the Digital Single Market strategy have been analyzed. It has been established that according to The Digital Economy and Society Index (DESI), Finland, Sweden, Denmark, the Netherlands and Malta have been among the top 5 leaders with the highest level of digitalization of the economy in 2020. Based on the study of The IMD World Digital Competitiveness Ranking, it has been found that the European Union member states, which are among the top 10 leading countries, such as: Denmark, Sweden and the Netherlands, have a high level of ability and readiness to research and implement digital technologies in order to achieve economic transformation and business transformation. The results of the correlation analysis have revealed the interrelationship between the values of Digital single market – promoting e-commerce for individuals and Enterprises that have provided training to develop / upgrade ICT skills of their personnel (%). It has been proved that Sweden, Malta and Estonia show a very high positive correlation, which indicates that these countries are actively implementing digital technologies in the development of economic processes.

Impact of public debt profile on economic growth: Evidence from Nigeria

Abstract: An excessive increase in public debt characterizes the contemporary development of the global economic and financial system. The paper aims to examine the short- and long-run impact of state debt on economic growth in Nigeria. The model was estimated using an autoregressive distributed lag (ARDL) bounds testing method to co-integration for the long-run investigation. At the same time, the contemporaneous dynamics were explored using an unrestricted error correction model. The data were collected from the Central Bank of Nigeria’s statistical bulletins and annual reports, and it spanned the years from 1990 to 2020. The study uncovers evidence of a long-term link between the study variables. In addition, the study finds that all the explanatory is statistically significant. Specifically, economic growth is significant and negatively responsive to changes in external debt by 0.19% and debt servicing by 0.07%, contrary to its positive response to changes in domestic debt and exchange rate by 0.27% and 0.18%, respectively. The paper, therefore, recommends that government may consider more domestic borrowings to foreign borrowings that should only be resorted to when it is indispensable. Moreover, the government should also strive to balance loan servicing and the economic sustainability.

Роль банків у фінансуванні державно-приватного партнерства

Abstract: The article presents an investigation of the banks’ role and importance in financing the infrastructure projects through public-private partnership. The features of banks participating in projects under public-private cooperation are considered. Also the problems and directions of such collaboration strengthening are selected.

The Application of Public-Private Partnership for the Purpose of Implementing State Policy in the Sphere of Health Care

Abstract: Purpose: The problematic of functions and responsibilities’ distribution of the public and private sectors is a debatable issue in the study of the most effective PPP models. The objective of this academic paper is to study the features of the application of public-private partnership for the purpose of implementing state policy in the sphere of health care. Design/Methodology/Approach: Based on the in-depth case study for data collection and semi-structured in-depth interview, detailed data on the experience of PPP projects in Ukraine have been collected and analysed with statistical methods. Findings: As a result, the problem of implementing the PPP model has been revealed being the impossibility of municipal authorities to provide guarantees of funds’ return to a private partner. This problem is common in the countries with transition economies, where the concept of new public governance has not been implemented yet. The experience of Italy and China as an example of effective implementation of hybrid PPP models in the health care sphere has been studied. Originality/Value: Research proves the importance of compliance with the obligations of the municipality and its active participation in the implementation of the PPP project. The basic limitation is the inability to scale the results, the experience of the PPP project to other regions within countries due to the lack of practice of implementing the PPP mechanism.