Eurasian Economic Union: Asymmetries of Growth Factors

Khusainov, Bulat and Kireyeva, Anel and Sultanov, Ruslan (2017): Eurasian Economic Union: Asymmetries of Growth Factors. Published in: The Journal of Asian Finance, Economics and Business , Vol. 4, No. 1 (February 2017): pp. 51-58.

Abstract

The aim of the study is to assess the asymmetry of influence of factors of economic growth of national economies, which are included in the integration. Unlike previous research, the scientific significance of the obtained results consists in the use of a new method of study – external demand as a factor of economic growth, disaggregated into two components. The first is net exports mutual trade in goods within integration associations. The second is net exports of foreign trade in goods outside the integration. By use of these methods we have evaluated the contribution of these factors on economic growth of the Customs Union and the Common Economic Space (CU/CES), as well as Kazakhstan, Russia and Belarus. In the conducted analysis of scientific research was based on the fact that the economies of the member (CU/CES) are very different in scale, economic potential and volume of foreign trade. Based on this research we conclude: integration is developing successfully and efficiently only with the rise of the national economies of the member countries; to enhance economic growth and competitiveness of the countries of the Eurasian integration it is necessary to increase the volume of mutual trade of member countries of this integration.

• Item Type: MPRA Paper
• Language: English
• Keywords: Globalization; Integration; Economic Growth; External Demand; Domestic Demand; Net Exports Trade
• Subjects: F - International Economics > F1 - Trade; F - International Economics > F1 - Trade > F10 - General; F - International Economics > F1 - Trade > F13 - Trade Policy ; International Trade Organizations; F - International Economics > F1 - Trade > F15 - Economic Integration

References

Anchishkin, A. I. (1989). Science.Technique.Economy. Moscow:Economy

Cohen, A. (1989). Prices, Capital, and the One-Commodity Model in Neoclassical and Classical Theories.History of Political Economy,21(2), 231-251.

Dzarasov, S.S. (2004). The theory of capital and economic growth.Moscow: Publishing house of Moscow state University.

Glazyev, S. Y, Lvov, D. S. & Fetisov, G. G. (1992). The evolution of techno-economic systems: possibilities and limits of centralized regulation. Moscow: Science.

Harcourt, G. C. (1969). Some Cambridge Controversies in the Theory of Capital.Journal of Economic Literature, 7(2), 369-405.

Herzer, D. & Vollmer, S. (2013). Rising top incomes do not raise the tide. Journal of Policy Modeling. 35 (4), 504–519.

Inshakov, O. V. (2004). The potential of the evolutionary approach in economic science of modern Russia.Economic science of modern Russia, 4, 45-52.

Khusainov, B. D. (2012).Globalization, Transnationalization, Integration.Almaty: Printing house Edelweiss.

Khusainov, B. D. (2015). Modern Integration Associations: Comparative Analysis of Factors of Economic Growth.Integration, 2, 34-45.

Kireyeva, A.A., & Nurlanova, N.K. (2013). The problems of spatial modernization of the economy and new approaches to way out from crisis: Kazakhstan’s experience. Journal Distribution of Science, 11(3), 39–48.

Lvov, D. S. (1990).The Effective Management of Technical Development. Moscow: Economics.

Maevsky, V. I. (2003).About the relationship between evolutionary theory and Orthodoxy.Problems of Economics, 11, 4-14.

Modigliani, F. & Miller, M. H. (1958).The Cost of Capital, Corporation Finance and the Theory of Investment.American Economic Review,48(3), 261-297.

Pasinetti, L. (1966). Changes in the Rate of Profit and Switches of Techniques.Quarterly Journal of Economics, 80 (4), 503-517.

Piketty, T. (2014).Capital in the Twenty-first Century.Cambridge MA: Belknap Press of Harvard University Press.

Ramsey F.P. (1928).A Mathematical Theory of Saving.The Economic Journal, 38 (152), 549-559.

Robinson, J. (1980).Collected Economic Papers. Cambridge, Mass: MIT Press.

Samuelson, P.A. (1962). Parable and realism in capital theory: the surrogate production function, Review of Economic Studies, 29, 193-206.

Solow, R. M.(1963). Capital Theory and the Rate of Return. Amsterdam: North-Holland.

Solow, R.M. (1970). Growth Theory: an exposition. New York: Oxford University Press.

Sraffa, P. (1960). Production of Commodities by Means of Commodities - Prelude to a Critique of Economic Theory. Cambridge: Cambridge University Press.

Stiglitz, J.E. & Charlton, A. (2005).Fair trade for all: how trade can promote development. Oxford New York: Oxford University Press.

Swan, T.W. (1956). Economic Growth and Capital Accumulation.The Economic Record, 32(2), 334-361.

TM (2014).Trade map statistics.Available from:http://www.trademap.org

UNCTAD (2014).United Nations Conference on Trade and DevelopmentStatistics.Available from:http://www.unctad.org

WBDB (2014). World Bank Data Bank. Available from:http://www.databank.worldbank.org

Winters,L. A. (2004).Trade Liberalization and Economic Performance: an Overview.The Economic Journal, 114 (493), F4–F21.