Оценка воздействия налогово-бюджетной политики на экономический рост в Республике Армения

Fiscal policy plays a crucial role in ensuring economic growth and development in the country and overcoming economic recessions. The subject of the research is the tax system in the Republic of Armenia. The study aims to identify and assess the impact of the fiscal policy on economic growth in the Republic of Armenia. Since the global financial crisis of 2008, the Armenian economy has been in stagnation, reaching pre-crisis GDP levels only in 2018. Both theory and practice point to the ambiguous nature of the impact of fiscal policy on economic growth. At the same time, the 2020 crisis caused by the pandemic exacerbated the situation by focusing the attention of economists on fiscal policy to stimulate the real sector of the economy, which justifies the relevance of the current study. The paper’s novelty lies in assessing the impact of certain types of taxes on the economic growth rates in Armenia. To achieve the goal of the study, the authors use such methods as a comparative analysis of foreign studies and systemic and statistical analysis. To econometrically assess the impact of taxes on economic growth in the country, a vector autoregression (VAR) model was applied. As a result of the study, the authors found that both tax regulation in general and the individual taxes are restrictive in nature and have a negative impact on economic growth in the country. The authors conclude that such a restrictive policy has led to a slowdown in economic growth in the Republic of Armenia over the past decadesФискальная политика играет ключевую роль как в  обеспечении экономического роста и  развития в  стране, так и  в  преодолении экономических спадов. Предметом исследования является налогово-бюджетная политика Республики Армения (РА). Цель исследования — выявление и оценка влияния налоговой политики на экономический рост в РА. После глобального финансового кризиса 2008 г. экономика Армении находится в стагнации, достигнув предкризисного уровня ВВП только в 2018 г. Как теория, так и практика указывают на неоднозначный характер воздействия фискальной политики на экономический рост в то время, как кризис 2020 г., вызванный пандемией, обострил ситуацию, сфокусировав внимание экономистов на налогово-бюджетной политике для стимулирования реального сектора экономики, что и обосновывает актуальность настоящего исследования. Новизна работы состоит в оценке воздействия отдельных видов налогов на темпы экономического роста в Армении. Для достижения поставленной цели авторы исследования используют такие методы, как сравнительный анализ зарубежных исследований, системный и статистический анализ. В целях эконометрической оценки воздействия налогов на экономический рост в стране применена модель векторной авторегрессии (VAR). В результате исследования авторами было выявлено, что как налоговое регулирование в целом, так и по отдельным налогам носит сдерживающий характер и имеет негативное влияние на темпы экономического роста в стране. Сделан вывод, что такая сдерживающая политика на протяжении последних десятилетий привела к замедлению темпов экономического роста в Республике Армения

Оценка ключевых факторов формирования обменного курса в Армении

Usually, it is diffcult for developing countries to choose a currency regulation policy because of institutional inadequacy, including a signifcant level of concentration in commodity markets, and a high degree of dependence of the national market and fnancial system on exogenous factors and a huge external debt. This article is dedicated to the analysis and evaluation of key factors affecting the formation of the Armenian national currency (dram) exchange rate, as well as to the choice of the currency regulation policy in Armenia. The authors carried out a statistical and econometric analysis of the factors of the foreign exchange rate formation, taking into account the specifcs of the transition economy as a whole, as well as the features of the Armenian economy, in particular. The authors have identifed the exogenous and endogenous factors of the foreign exchange rate formation of the dram, depending on the inflow and outflow of foreign currency. Further, the authors specifed the influence of dominant factors on the choice of the currency regulation policy in the country. The authors carried out an econometric analysis of the factors identifed at the frst stage of the study using the VAR model. The results obtained from this model proved the hypothesis of the non-market nature of the dram’s exchange rate formation. The authors concluded that the dram’s exchange rate formation has non-market nature because of signifcant intervention on the currency market by the “monetary authorities”. The key conclusion of this study is the thesis about the need to change the approaches to currency regulation in Armenia in favour of the transition to a free-floating exchange rate policy in order to stimulate sustainable rates of economic growth in the long term.Выбор политики валютного регулирования в развивающихся странах, как правило, осложняется институциональной несостоятельностью экономики, в том числе значительной концентрацией на товарных рынках и высокой степенью зависимости национального рынка и финансовой системы от экзогенных факторов и значительного внешнего национального долга. Данная статья посвящена анализу и оценке ключевых факторов, воздействующих на формирование обменного курса армянской национальной валюты (драма), а также на выбор политики валютного регулирования в Армении. Авторами проведен статистический и эконометрический анализ факторов формирования валютного курса с учетом специфики транзитной экономики в целом, а также особенностей экономики Армении в частности. Выявлены экзогенные и эндогенные факторы формирования обменного курса драма в зависимости от притока и оттока иностранной валюты. Оценено воздействие доминирующих факторов на выбор политики валютного регулирования в стране. В результате исследования авторы приходят к выводу о нерыночном характере формирования обменного курса драма и значительном влиянии на валютный рынок «денежных властей». Проведен также эконометрический анализ выделенных на первом этапе исследования факторов с использованием VAR модели. Построенная модель доказывает гипотезу о нерыночном характере формирования обменного курса драма. Ключевым выводом исследования является тезис о необходимости смены подходов к валютному регулированию в Армении в пользу перехода к политике свободно плавающего валютного курса с целью стимулирования устойчивых темпов экономического роста в долгосрочной перспективе

Основные движущие силы экономического роста в Армении: анализ и оценка

Macroeconomic policy in Armenia over the past 30 years has led to a slowdown in economic growth. This, in turn, entails the need to revise approaches to macroeconomic regulation, as well as to search for key drivers of economic growth, which the state should emphasize in the future macroeconomic policy. The aim of this research is to analyze and assess the main drivers of economic growth in Armenia. We have employed the methods of statistical and comparative analysis, deductive analysis, as well as the analysis of historical data and the current state of the problem. The paper examines the key drivers of economic growth in Armenia, as well as periods of both a stable macroeconomic environment and economic crises, from the point of view of the efficiency and optimality of macroeconomic regulation. The current study identifies the most important sectors of the economy, analyses macroeconomic policy regulation in Armenia, and assesses the impact of such policies on economic growth in the country. The results show that today’s macroeconomic regulation can be considered ineffective, which certainly has a negative effect on the rate of economic growth. The key conclusion of the research is the thesis that it is urgent to develop new socio-economic policy approaches to ensure sustainable economic growth in the future and to emerge quickly from future economic growth crises without restricting or halting economic activity.Макроэкономическая политика в Армении за последние 30 лет привела к замедлению экономического роста. Это, в свою очередь, влечет за собой необходимость пересмотра подходов к макроэкономическому регулированию, а также поиска ключевых драйверов экономического роста, на которые государство должно делать акцент в будущей макроэкономической политике. Целью данного исследования является анализ и оценка основных драйверов экономического роста в Армении. В работе использованы методы статистического и сравнительного анализа, дедуктивного анализа, а также анализа исторических данных и текущего состояния проблемы. Авторы рассматривают основные факторы экономического роста в Армении, а также периоды как стабильной макроэкономической среды, так и экономических кризисов с точки зрения эффективности и оптимальности макроэкономического регулирования. Определены наиболее важные сектора экономики, проведен анализ регулирования макроэкономической политики в Армении, оценено влияние такой политики на экономический рост в стране. Результаты показывают, что на сегодняшний день макроэкономическое регулирование можно считать неэффективным, что, безусловно, оказывает негативное влияние на темпы экономического роста. Основным выводом исследования является тезис о необходимости разработки новых подходов социально-экономической политики для обеспечения устойчивого экономического роста в будущем и быстрого выхода из будущих кризисов экономического роста без ограничения или остановки экономической активности

Effect of Age of Infusion Site and Type of Rapid-Acting Analog on Pharmacodynamic Parameters of Insulin Boluses in Youth With Type 1 Diabetes Receiving Insulin Pump Therapy

OBJECTIVE—The purpose of this study was to examine the effect of type of insulin analog and age of insertion site on the pharmacodynamic characteristics of a standard insulin bolus in youth with type 1 diabetes receiving insulin pump therapy

Does the Constitution Provide More Ballot Access Protection for Presidential Elections Than for U.S. House Elections?

Both the U.S. Constitution and The Federalist Papers suggest that voters ought to have more freedom to vote for the candidate of their choice for the U.S. House of Representatives than they do for the President or the U.S. Senate. Yet, strangely, for the last thirty-three years, the U.S. Supreme Court and lower courts have ruled that the Constitution gives voters more freedom to vote for the candidate of their choice in presidential elections than in congressional elections. Also, state legislatures, which have been writing ballot access laws since 1888, have passed laws that make it easier for minor-party and independent candidates to get on the ballot for President than for the U.S. House. As a result, voters in virtually every state invariably have far more choices on their general election ballots for the President than they do for the House. This Article argues that the right of a voter to vote for someone other than a Democrat or a Republican for the House is just as important as a voter’s right to do so for President, and that courts should grant more ballot access protection to minor-party and independent candidates for the House

Determination of the proton spin structure functions for 0.05 \u3c Q(2) \u3c 5GeV(2) using CLAS

We present the results of our final analysis of the full data set of g(1)(p) (Q(2)), the spin structure function of the proton, collected using CLAS at Jefferson Laboratory in 2000-2001. Polarized electrons with energies of 1.6, 2.5, 4.2, and 5.7 GeV were scattered from proton targets ((NH3)-N-15 dynamically polarized along the beam direction) and detected with CLAS. From the measured double spin asymmetries, we extracted virtual photon asymmetries A(1)(p) and A(2)(p) and spin structure functions g(1)(p) and g(2)(p) over a wide kinematic range (0.05 GeV2 \u3c Q(2) \u3c 5 GeV2 and 1.08 GeV\u3c W \u3c 3 GeV) and calculated moments of g(1)(p). We compare our final results with various theoretical models and expectations, as well as with parametrizations of the world data. Our data, with their precision and dense kinematic coverage, are able to constrain fits of polarized parton distributions, test pQCD predictions for quark polarizations at large x, offer a better understanding of quark-hadron duality, and provide more precise values of higher twist matrix elements in the framework of the operator product expansion

The Heavy Photon Search test detector

The Heavy Photon Search (HPS), an experiment to search for a hidden sector photon in fixed target electroproduction, is preparing for installation at the Thomas Jefferson National Accelerator Facility (JLab) in the Fall of 2014. As the first stage of this project, the HPS Test Run apparatus was constructed and operated in 2012 to demonstrate the experiment׳s technical feasibility and to confirm that the trigger rates and occupancies are as expected. This paper describes the HPS Test Run apparatus and readout electronics and its performance. In this setting, a heavy photon can be identified as a narrow peak in the e+e− invariant mass spectrum above the trident background or as a narrow invariant mass peak with a decay vertex displaced from the production target, so charged particle tracking and vertexing are needed for its detection. In the HPS Test Run, charged particles are measured with a compact forward silicon microstrip tracker inside a dipole magnet. Electromagnetic showers are detected in a PbW04 crystal calorimeter situated behind the magnet, and are used to trigger the experiment and identify electrons and positrons. Both detectors are placed close to the beam line and split top-bottom. This arrangement provides sensitivity to low-mass heavy photons, allows clear passage of the unscattered beam, and avoids the spray of degraded electrons coming from the target. The discrimination between prompt and displaced e+e− pairs requires the first layer of silicon sensors be placed only 10 cm downstream of the target. The expected signal is small, and the trident background huge, so the experiment requires very large statistics. Accordingly, the HPS Test Run utilizes high-rate readout and data acquisition electronics and a fast trigger to exploit the essentially 100% duty cycle of the CEBAF accelerator at JLab

Virtual Compton Scattering and the Generalized Polarizabilities of the Proton at Q^2=0.92 and 1.76 GeV^2

Virtual Compton Scattering (VCS) on the proton has been studied at Jefferson Lab using the exclusive photon electroproduction reaction (e p --> e p gamma). This paper gives a detailed account of the analysis which has led to the determination of the structure functions P_LL-P_TT/epsilon and P_LT, and the electric and magnetic generalized polarizabilities (GPs) alpha_E(Q^2) and beta_M(Q^2) at values of the four-momentum transfer squared Q^2= 0.92 and 1.76 GeV^2. These data, together with the results of VCS experiments at lower momenta, help building a coherent picture of the electric and magnetic GPs of the proton over the full measured Q^2-range, and point to their non-trivial behavior.Comment: version 2: modified according to PRC Editor's and Referee's recommendations. Archival paper for the E93-050 experiment at JLab Hall A. 28 pages, 23 figures, 5 cross-section tables. To be submitted to Phys.Rev.

The ratio of proton's electric to magnetic form factors measured by polarization transfer

The ratio of the proton's elastic electromagnetic form factors was obtained by measuring the transverse and longitudinal polarizations of recoiling protons from the elastic scattering of polarized electrons with unpolarized protons. The ratio of the electric to magnetic form factor is proportional to the ratio of the transverse to longitudinal recoil polarizations. The ratio was measured over a range of four-momentum transfer squared between 0.5 and 3.5 GeV-squared. Simultaneous measurement of transverse and longitudinal polarizations in a polarimeter provides good control of the systematic uncertainty. The results for the ratio of the proton's electric to magnetic form factors show a systematic decrease with increasing four momentum squared, indicating for the first time a marked difference in the spatial distribution of charge and magnetization currents in the proton.Comment: 5 pages, 2 figures, version of paper after corrections due to referees comments and shortened by removing one figure for Physical Review Letter