TECHNOLOGIZATION PROCESSES AND SOCIAL AND ECONOMIC GROWTH: MODELING THE IMPACT AND PRIORITIES FOR STRENGTHENING THE TECHNOLOGICAL COMPETITIVENESS OF THE ECONOMY

Taras VASYLTSIV

Professor at the Department of Social and Humanitarian Development of the Regions, Dolishniy Institute of Regional Research of the National Academy of Sciences of Ukraine, Lviv, Ukraine;

tgvas77@ukr.net

Olha MULSKA

Senior Research Fellow at the Department of Social and Humanitarian Development of the Regions, Dolishniy Institute of Regional Research of the National Academy of Sciences of Ukraine, Lviv, Ukraine

oliochka.mulska@gmail.com

Volodymyr PANCHENKO

Professor at the Department of Pedagogy and Management of Education, Volodymyr Vynnychenko Central Ukrainian State Pedagogical University, Kropyvnytskyi, Ukraine

op_panchenko@ukr.net

Maryana KOHUT

Associate Professor at the Department of International Economic Relations and Marketing, Lviv National Agrarian University, Dubliany, Ukraine

maryana_kohut@i.ua

Volodymyr ZAYCHENKO

Associate Professor at the Faculty of Economics and Management, Central Ukrainian National Technical University, Kropyvnytskyi, Ukraine

zaichenko.v78@gmail.com

Olha LEVYTSKA

Senior Research Fellow at the Department of Social and Humanitarian Development of the Regions, Dolishniy Institute of Regional Research of the National Academy of Sciences of Ukraine, Lviv, Ukraine

o.levytska@gmail.com

Abstract

The methodology of integral assessment of the technological competitiveness state of the economy has been developed, which includes a system of indicators in the areas of the country’s readiness for economy digitization, the quality of innovation activity institutions, the state of digital knowledge dissemination. The integral values of technological competitiveness of the economy for the countries of the European Union and Ukraine have been calculated. A dynamic grouping of countries according to the level of technological competitiveness of the economy has been carried out. Modelling the impact of the parameters of technological competitiveness of the national economy on the basic parameters of social and economic development such as GDP per capita, share of high-tech exports, capital investment and quality of life of population has been realized. The strategic priorities and means of introduction of the collective contractual organizational and institutional system for providing technologization in the processes of social and economic growth of the country (the casestudy of Ukraine) are substantiated.

Keywords: innovation and technological development, competitiveness of the social and economic system, economic integration, prerequisites, factors of technologization

JEL classification: O32, O38, O47, C18, C51

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INVESTIGATING THE IMPACT OF ATM AND POS TERMINALS ON MONEY DEMAND IN NINE EUROPEAN COUNTRIES IN THE CONTEXT OF A RANDOM EFFECT MODEL AS THE APPROPRIATE PANEL DATA MODEL

Payam MOHAMMAD ALIHA

Ph.D student, Universiti Kebangsaan Malaysia (UKM), Malaysia

payammaliha@gmail.com

Tamat SARMIDI

Associate Professor Dr. at Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM), Malaysia

tamat@ukm.edu.my

Fathin FAIZAH SAID

Associate Professor Dr. at Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM), Malaysia

fatin@ukm.edu.my

Abstract

This study investigates the effects of financial innovations on the demand for money using panel data for 9 European countries from 2014 to 2018. Such models assist in controlling for unobserved heterogeneity when this heterogeneity is constant over time and correlated (fixed effects) or uncorrelated (random effects) with independent variables. Hausman test and Breusch and Pagan Lagrangian multiplier test (LM) both indicate that the random effects model is appropriate. We use the conventional money demand that is enriched with the number of automated teller machines (ATM) and the number of point-of-sale (POS) terminals to proxy for the financial innovations. The estimation result of the chosen random effects regression indicate that the elasticity of the demand for real money to POS is about 10 percent meaning that money demand is not elastic with regard to POS. Also, the estimated coefficient of ATM is not significant.

Keywords: EU, money demand, random effects, fixed effects, financial innovation, panel data

JEL classification: C13, C40, C51, E40, E44

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INVESTIGATING THE IMPACT OF FINANCIAL INNOVATION ON THE VOLATILITY OF THE DEMAND FOR MONEY IN THE UNITED STATED IN THE CONTEXT OF AN ARCH/GARCH MODEL

Payam MOHAMMAD ALIHA

Ph.D candidate, Universiti Kebangsaan Malaysia (UKM), Malaysia

payammaliha@gmail.com

Tamat SARMIDI

Associate Professor Dr. at Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM), Malaysia

tamat@ukm.edu.my

Fathin FAIZAH SAID

Dr. at Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM), Malaysia

fatin@ukm.edu.my

Abstract

This paper investigates the effect of financial innovation on real money demand in the United States using GARCH estimation technique between 1990 and 2016. Ratios of broad money stock to GDP and growth in net domestic credit to GDP were included in a conventional money demand function to account for the financial innovation. The results indicate that neither external shocks (financial innovation) nor internal shocks (previous years’ information) influence the volatility of the money demand.

Keywords: money demand, ARCH/GARCH, financial innovation, internal/external shock

JEL classification: C13, C40, C51, E40, E44
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