The paper argues that the possibility of demand-led and supply-led growth models to ensure economic growth is limited and states the feasibility of shifting toward an efficiency-based development model. In particular, monetary policy should aim at increasing efficiency in the real sector. For...

Despite the key role an increase in production efficiency plays in improving the competitiveness of the economy, the efficiency of production is not reflected in the objectives of monetary policy. The paper investigates the impact of the interest rate on firms’ efficiency and argues that it is...

It is clear that the export has important effects on country economic development. There are lot of various strategies have used in some countries to increase the export of services. According to the international statistics, we can see that the share of services exports in global trade is...

İt is obvious that export has main effective role in economic development. Besides goods export, services export have gained important place in international trade. Tourism export is one of the significant sector in international trade in services.Tourism development by it's multiplicative...

It is clear that the export has important effects on country economic development. There are lot of various strategies have used in some countries to increase the export of services. According to the international statistics, we can see that the share of services exports in global trade is...

It is obvious that export has main effective role in economic development. Besides goods export, services export have gained important place in international trade. Tourism export is one of the significant sector in international trade in services.Tourism development by it's multiplicative...

Last global financial crisis testifies limitations of traditional tools of business stimulation. It forces to look for new ways of business stimulation. In article limitations of traditional tools of business stimulation are shown, and it is noticed that decrease of precautionary motive of...

There are some views explaining unbalanced growth, but the impact of interest rates on the structure of the economy has still been poorly investigated. This paper assesses the impact of interest rates on the productive structure of the economy. It is argued that as interest rates are fixed,...

The paper explores the role of credit in business cycle and it is noted that one of the factors contributing to the cyclicity of economy is the difference between firms' profitability and interest rate on loans. The paper says that the amplitude of business cycles may be decreased through the...

The paper investigates the reasons why easy monetary policy in the US, Euro area and Japan doesn't promote economic growth. The paper argues that (i) ineffectiveness of easing monetary policy is caused by cash hoarding caused by excess of deposits over loans and (ii) cash hoarding is caused by...