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Objective: to analyze the impact of the financial liberalization policy on the macroeconomic stability of the Indonesian economy.Methods: retrospective and econometric analysis.Results: the article updates the issues of financial liberalization policy in Indonesia. In particular, the stages of lifting currency restrictions in Indonesia are considered. The main attention is paid to the financial and economic crises taking place in Indonesia, in which financial openness is one of the reasons for the deterioration of the economic situation inside the country. The measures taken by the government to restrict the cross-border capital flows in response to the crisis are considered. The characteristic of the accompanying economic policy of Indonesia under the conditions of financial openness is given. The SVAR econometric model was applied to assess the impact of financial liberalization on the macroeconomic situation of the country. It showed that this process has a negative impact on the Indonesian economy. But the macroeconomic state of Indonesia depends not only on financial integration, but on a number of other internal macroeconomic factors that change under the influence of the national economic policy.Scientific novelty: the article systematizes the experience of financial liberalization policy in Indonesia, and develops the SVAR econometric model, which shows the importance of the financial integration process for macroeconomic indicators.Practical significance: The reviewed experience of financial liberalization in Indonesia shows the importance of currency regulation for developing countries and the risks arising in the course of policies to strengthen financial openness. The presented SVAR model provides an opportunity to study the impact of financial liberalization on the macroeconomic indicators of countries.

Sürdürülebilir bir ekonomik büyümenin gerçekleştirilmesi gerek gelişmiş ve gerekse de gelişmekte olan ülkelerin temel hedefidir. Bu hedefin gerçekleştirilebilmesinde finansal sistem önemli bir rol üstlenmektedir. Finansal gelişme, finansal sistemin büyüklüğü ve finansal yapıdaki değişim olarak tanımlanmakta ve tasarrufları artırarak yatırımlara dönüşebilmesini sağlamaktadır. Finansal gelişmişliğin incelenmesinde kısa ve uzun dönemli süreçte finansal yapıda meydana gelen değişiklikler ön plana çıkmakta ve finansal yapıyı oluşturan bileşenlerden finansal araçlar, finansal kurumlar ve bunların çeşitliliğindeki artış önem kazanmaktadır.Finansal gelişme ile büyüme ilişkisinin yönünün belirlenmesi, ekonomik büyümeyi artırmada gerekli olan yaklaşımların ortaya çıkmasına katkıda bulunmaktadır. Literatürde iki değişken arasındaki nedensellik ilişkisine yönelik iki yaklaşımın olduğu görülmektedir. Bunlardan ilki, reel ekonomi geliştikçe yeni finansal hizmetlere olan talebin artacağını savunurken; diğer yaklaşım ise finansal sektörün gelişmesinin ekonomik büyümeyi teşvik edeceğini savunmaktadır. Bu çalışmanın amacı ekonomik açıdan benzer olduğu düşünülen ve Türkiye, Tayland, Polonya, Romanya, Meksika, Malezya, Endonezya, Şili, Brezilya, Arjantin’den oluşan on gelişmekte olan ekonomi için 2010-2018 dönemleri arasında finansal gelişme ile ekonomik büyüme ilişkisinin incelenmesidir. Bu amaç doğrultusunda Tahmin Edilebilir En Küçük Kareler (Feasible Generalized Least Square- FGLS) yöntemi kullanılmıştır. Bu çalışmada finansal gelişmeyi temsilen; bankaların özel sektöre verdiği yurt içi krediler, özel sektör tarafından kullanılan yurt içi krediler, geniş para arzı, Tüketici fiyatları enflasyonu, devletin nihai tüketim harcamaları, gayri safi sabit sermaye oluşumu değişkenleri kullanılmıştır. Ekonomik büyümeyi temsilen Kişi Başına Gayri Safi Yurt İçi Hasıladaki yıllık yüzde büyüme değişkeni kullanılmıştır. Analiz sonucunda bağımsız değişkenlerden devletin nihai tüketim harcamaları dışındaki değişkenlerin anlamlı olduğu; geniş para arzının, özel sektörün kullandığı yurt içi kredilerin, enflasyon değişkeninin bağımlı değişkeni negatif yönde etkilediği tespit edilmiştir. Bankalar tarafından özel sektöre verilen yurt içi krediler, devletin nihai tüketim harcamaları ve gayri safi sabit sermaye oluşumu değişkenlerinin ekonomik büyümeye pozitif yönde etkisinin olduğu sonucuna ulaşılmıştır.

2008 yılında ABD’de başlayan ve tüm ekonomileri etkisi altına alan küresel finansal kriz, finansal gelişme ve ekonomik büyüme arasındaki ilişkinin yeniden gündeme gelmesini sağlamıştır. Bu çalışmada, Türkiye ekonomisinde finansal gelişme ile ekonomik büyüme ilişkisi, 2003Q1-2015Q4 dönemine ait veriler ile Hacker ve Hatemi-J nedensellik testi kullanılarak incelenmiştir. Analiz sonuçlarına göre, çalışmada kullanılan finansal gelişme göstergeleri ve ekonomik büyüme göstergesi arasında kriz öncesi dönemde nedensellik ilişkisi bulunamazken, kriz sonrası dönemde ilgili değişkenler arasında nedensellik ilişkisi tespit edilmiştir.

The article under the title deals with the difficulties in pursuing national fiscal policy in conditions of international financial liberalization. The author analyzes the nature of liberalization of international capital flows and its positive and negative consequences for the economies of the countries which participate in global capital movement. The author especially highlights the fact that international financial liberalization often leads to economic crises and what is even more important to their rapid spread between countries due to their growing financial interdependence. The author distinguishes two groups of fiscal policy problems in conditions of international financial liberalization. The first group includes problems arising due to quick spread of the crises due to eliminating restrictions on crossborder capital flows. These are reduction in taxes and at the same time increase in budget spending, which often happens unexpectedly and substantially impedes fiscal policy. To illustrate these points the author refers to the statistics on Spain, the USA and the OECD as a whole. Moreover countries face another range of problems regardless of the business cycle phase. In the short term it is the necessity of large scale structural economic reforms to achieve the required level of financial liberalization, which often is a heavy burden on the state budget. In the long term the attention is paid to the problem of tax competition between countries, which affects the instruments of fiscal policy. The author notes that the negative consequences of global financial liberalization are relevant not only for recipient countries but for donor countries as well and emphasizes such a burning issue as "capital flight".

The article under the title deals with the difficulties in pursuing national fiscal policy in conditions of international financial liberalization. The author analyzes the nature of liberalization of international capital flows and its positive and negative consequences for the economies of the countries which participate in global capital movement. The author especially highlights the fact that international financial liberalization often leads to economic crises and what is even more important to their rapid spread between countries due to their growing financial interdependence. The author distinguishes two groups of fiscal policy problems in conditions of international financial liberalization. The first group includes problems arising due to quick spread of the crises due to eliminating restrictions on crossborder capital flows. These are reduction in taxes and at the same time increase in budget spending, which often happens unexpectedly and substantially impedes fiscal policy. To illustrate these points the author refers to the statistics on Spain, the USA and the OECD as a whole. Moreover countries face another range of problems regardless of the business cycle phase. In the short term it is the necessity of large scale structural economic reforms to achieve the required level of financial liberalization, which often is a heavy burden on the state budget. In the long term the attention is paid to the problem of tax competition between countries, which affects the instruments of fiscal policy. The author notes that the negative consequences of global financial liberalization are relevant not only for recipient countries but for donor countries as well and emphasizes such a burning issue as "capital flight".

The article examines the features of the banking system development of Central and Eastern European countries in transition. Also, the structural, the qualitative and the quantitative changes, the effects of financial reforms, that have taken place in the banking sector in these countries and their importance to the financial system, are analyzed.В статье исследованы особенности развития банковской системы стран Центральной и Восточной Европы в переходный период. Проанализированы структурные, качественные и количественные изменения, последствия финансовых реформ произошедших в банковском секторе этих стран и их значение для финансовой системы в целом.

Financial crises have some common features even if they come into being in different areas and countries with different income level. Especially due to the financial liberalization and entegration of world economies, they affect many countries with a domino effect. Internationalization of capital stregthens particularly financial markets in developed countries and leads to speculative opportunities and possibilities of very high profit rates. Ambition for higher profit, from time to time, gives rise to fictitious structures, eliminating rational market behaviors. Problems of higher indebtedness and current account deficit in large economies such as the US lead to speculative bubles supported by financial derivatives, making nonproductive short term portfolio investments profitable. Before crisis, it is observed that this type of financial structures become common and real estate prices rise. And following crisis it is observed that public finance discipline deteriorate.

Introduction. The European vector of domestic enterprises development Selected by Ukraine in addition to benefits of liberalization and open markets can still provide significant shortcomings that are mostly related to their own non competitiveness. Practice shows that as a means of reduction and/or elimination of risks an outstripping development is more productive to implement than the overtaking one. The purpose of the paper is to improve the theoretical foundations of advanced development based on comparison to other types of development considering the specifics of the enterprises' business. Result. Based on logic synthesis and structure of existing research, the author proposes to amend the classification of types of development, giving such feature as ⪡attitude of the leader⪢. According to this criterion the development is divided into overtaking, the outstripping and the development on leader's level. The author describes the characteristics for their comparison in order to understand the nature and content. A comparative analysis of these types of development was performed. The analysis showed that the term ⪡outstripping development⪢ in most cases is used in context of macro level. The author gives the definition of outstripping development at the level of the separate enterprise, establishes the basic characteristics and conceptual basis of implementation. The essence of the outstripping development of the enterprise was graphically showed. The outstripping development is presented mathematically. An index to determine the level of outstrip is offered. Conclusion. All received allegations and suggestions improve the theory of enterprises development in the contemporary economic management. On the basis of the research, the author concluded that outstripping type of development will allow increasing effectiveness and reducing the risk of innovation, increasing the chances of market success of industrial innovators, reducing losses from inefficient usage of resources (2-3 times), significantly improving the domestic and foreign markets competitiveness, providing conditions for the transition to innovative research and technology development. [ABSTRACT FROM AUTHOR]

Development of the global investment process occurs within the investment space. The development of globalization and integration leads to the transformation of the investment space. The purpose of this article is the studying of modern processes and phenomena that characterize the key trends of transforming the investment space under globalization. The article identifies key trends of the global investment space transforming. These trends include the following: changes in quantitative and qualitative composition of investing participants; increase of the stock markets value as the institutions for mobilization, accumulation and redistribution of the capital; transnationalization of the credit sphere; and transformation of the investment climate in the qualitative characteristics of the national investment space. The important condition of the united world investment space formation is domestic legislation liberalization and foreign investment promotion. The most important trend is institutionalization of the global investment process. It occurs in increase of the role and importance of the national and international financial and economic institutions that adjust international monetary, credit and financial relations. [ABSTRACT FROM AUTHOR]

Negotiation round economical development began in 2001 in "Doha" initiated by WTO and all previous efforts for negotiation to succeed were ruined. BBC news said: negotiation that should help millions of people to get out of poverty ware ruined. After unsuccessful meeting in 1999. Seattle, US trade ministers of 140 came together in November 2001 in Doha"katar" for new round of negotiation. This new round was known as negotiation developing round. Few years later it was clear that neither this round didn't do expectation. It was unknown to the end how the negotiation will end. After 14 long hours of negotiation between US, EU, Japan, Australia, Brazil and India in "pascal lamu" the chief of WTO declared negotiation unsuccessful on July 24 in Geneva. The main reason for unsuccessful negotiation was agricultural sector. developed members of WTO on one side with dabble standard and subventions for domestic producers and on the other side developing countries to open markets to them. Develop countries made their on rules to subvention domestic producer without limit. Since agricultural agreement in 1995 domestic subvention increased in OCDE countries. [ABSTRACT FROM AUTHOR]

The Author identifies economic and environmental aspects of the globalisation process, related to liberalisation of the international trade and inflow of foreign direct investments and capital. It causes positive and negative effects which extent can be influenced by effective state environmental policy. Drafting of an effective environmental policy presupposes an identification of relations between the economic system and the environmental system. [ABSTRACT FROM AUTHOR]