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САРГСЯН К.С.
ПРОБЛЕМЫ СОВЕРШЕНСТВОВАНИЯ ГОСУДАРСТВЕННЫХ АНТИКРИЗИСНЫХ МЕРОПРИЯТИЙ
Аннотация. В статье обосновывается, что современные кризисы значительно отличаюся от кризисов имевших место в прошлом.Сущность кризисов изменяется со временем и соответственно с этим изменяется также характер и направления государственных антикризисных мероприятий.
В статье отмечается, что в современной экономике в настоящее время доминирует финансовая сфера. Это приводит к тому,что причины современных кризисов следует связать с финансовой сферой экономики, которая растет быстрими темпами и все более отдаляется от реального сектора экономики. Очевидно, что углубление несоответствии между этими секторами рано или поздно приводит к возникновению финансово-экономических кризисов.
В результате анализа зарубежного опыта антикризисных мероприятий, причин и влиянии экономических кризисов, в статье представлены основные направления и мероприятия государственной антикризисной политики,в результате эффективного сопостовления которых можно довольно быстро и без глубоких экономических спадов преодолеть экономические кризисы.
В статье также отмечается,что чем прозрачнее будет государственное антикризисное регулирова-ние,тем эффективнее будут мероприятия этой политики и тем выше будет доверие населения и предпринимателей к государству, что в свою очередь создаст отмосферу положительных ожидании в обществе. На основании вышеизложенного при прочих равных условиях в экономике быстрее наступит фаза развития и роста.
Ключевые слова: государственные антикризисные меры, проблемы, реальный сектор экономики, развитие, критерии, инструменты.
SARGSYAN ^.
^E ISSUES OF IMPROVEMENT OF STATE ANTI-CRISIS MEASURES
Abstract. The article justifies that contemporary crises are significantly different from the crises that were reported in the past. The nature and essence of the crises changes over the time, and the character and direction of anti-crisis (crisis response) measures implemented by the government change as well.
The article states that in the contemporary economy the financial sector dominates. Therefore, the cause-roots of contemporary crises are associated with the financial sector of economy that grows very rapidly and is becoming more isolated from the real sector of economy. It is evident, that the deepening inconsistency between these two sectors would eventually result in financial and economic crises.
Based on the results of the analysis of crisis response measures implemented by the governments of other nations, cause-roots, and aftermaths of economic crises, the article presents the main directions and measures of the anti-crisis policy of the government and if systemized and structured, would allow to fight economic crises without deep recessions and rather quickly.
The article states that more transparent the anti-crisis regulation of the government is then more efficient the measures of this would be, and the higher confidence of the population and business in the policy of the government would be, thus initiating positive expectations in the society. Based on the above-stated arguments, other things being equal, the economy would enter the growth and development stage.
Keywords: State anti-crisis measures, issues, real sector of economy, development, criteria, tools.
In the context of contemporary economic developments no country stays unaffected of the economic slumps that occur in different parts of the world in various time frames having various stimuli. The data on the development if economic relations proves that economic slumps are part and parcel of development of social-economic systems. Circumstances arising at periods of economic growth or slumps may occur in any kind of social-economic conditions irrespective of their specificities and type of government. It follows that the effectiveness of the government will be conditioned by to what extent the governing activity can be regarded as anti-crisis.
SargsYan K.S.
_THE ISSUES OF IMPROVEMENT OF STATE ANTI-CRISIS MEASURES_
It should be mentioned that crises occurring in nowadays essentially differ from those occuring in previous centuries. The essence of crises changes in the course of time, consequesntly the essence and the directions of anti-crisis measures change in line with this.
Presently, in the developed countries the economy is characterised by a post-industrial structure with the prevailance of the service spehere, the main constituent of which is the financial sector. This fact necessiatates to connect the causes of the crises with the finacial sector, which has been recently expanding on the global scale and has thus strayed away from the real sector of economy. The deep-eing of the gap between the financial and real sectors of economy obviously becomes the main cause of finacial-economic crisis, which we witnessed quite recently.
Another main specificity of economic developments nowadays is the uncontrolled development of the financial sector and, on the other hand, the considerable growth of the money supply which accounts for the formation of a huge speculative capital which in its turn necessitates creation of new spheres for its realization. As a result, normal market relations destabilize, prices for market assets grow abruptly and groundlessly, whuch is explained by the pressure of the speculative capital.
The main characteristics of the development of the contemporary economy are the fundamental issues the economy faces. Here, the transfroming function of business development particularly sterssed associated with the growth of capitalization, considered one of the indicatarors of the gowth of companies which in its turn has been viwed as an indicator of the effecinecy of the managment of businesses. [1]
"After this crisis is overcome, the inequality will deepen further. New deposits will be enrolled with the involvment of new financial tools, the debts will also increse. Gradually blossoms of new global fianancial slumps will occur for other financial branches which will be totally different from the present crises. They will be integrated and multisided based on the resources of telecommunication technologies".[2] This is what was expressed by Jacques Attali, famous French politician, economist & theorist while making predictions on the character and causes of future crises.
In reality, in case anti-crisies policy is developed and excercises on a global scale, it will enable all countries to make future crises predictable and manageable. To this end, governments and international organizations should learn lessons from the present crises with the aim of making the anticrisis policies more efficient and targeted. In the meanwhile, the similarities between economic crises, including the Great Depression, makes it evident that economic policies have not fully taken into account the lessosns taught. Partially this is expalined by the economic theories which during the last three decades began to be attributed as fashionable. [3]
Taking into account the abovementioned, among the lessons to be taught from the previous economic slumps the following should be mentioned:
1. Formation of long term capital directed to the development of the real sector of economy by the establishemnt of foundations and implementation tools;
2. Formation of financial economic system and effective mechanisms for transnational governance of global economy
3. Tightening of requirements for loan activities of banks
4. Diversification of economies [4]
5. Rapid development of market communication systems
6. Reduction of foreign loans or al least avoiding from new foreign loans by reducing the dependence on foreign capital and additional interest burden
7. Reduction of foreign debts or refusal to run up new debts with a view to appeasing the dependence on the outer environment and refraining from paying off interest rates and avoiding to use gold and currency reserves as a source to pay off debts.
8. Following market tendencies in the condition of economic slumps. It is dangerous to appreciate the national currency and reduce export volumes;
9. Refusion from monopoly usage of US dollar as international accounting unit, which will prevent its emission without providing with relevant assets,
10. Restraining from ineffecient social expendutures, which will enable to reduce the budget deficit and will contribute to the reduction of inflation.[5]
Summerizing the above mentioned it can be stated that the essence of crises depend on the economic structure and predominating spheres of the state.
In the phase of modern economic developments the crises are by and large the result of imbalances between real and financial sectors of economy and weak control over circulation of speculative capital. Hence, the development of effective measures which will provide optimal balance between the spheres mentioned will contribute to the advancement of global economy protecting the latter from the various economic shocks.
Anti-crisis regulation at state govenment level supposes prediction and regular monitoring of crises, analysis of their nature, peculiarities and causes, development and further improvement of methods toward soothing the negative influences.
The state having at its disposal huge economic and administrative tools has the power to implement numerous anti-crises measures. Though the choice of the real set of anti-crisis measures is not a simple task. Hence to guarantee further economic development and resistance the fundamental objectives of the anti-crisis measures should be formulated by the state.
Among the main reasons of the world financial-economic crisis of 2008 the drawbacks of regulation particularly in the financial sector should be mentioned. At that time there dominated the ideology that cancellation of any type of regulation would bring to the enhancement of efficiency of market activities.
As was mentioned in the TARP regulatory report "the failure to regulate the present crisis is of more philosophical rather than structural character".[6] The latter in fact speaks in favor of the expansion of the state anti-crisis regulation and enhancement of its efficiency.
Depending on the scope and specificities of economic slumps in certain countries state economic policies are endowed with peculiarities of their own. Though despite the latter, it is possible to develop a set of criteria for the choice of methods and tools which can be applied in other countries while exercising anti-crisis measures. The study of the foreign experience of dealing with crises and the analysis of the causes and effects of economic slumps we can hereunder present the main directions and measures that can be applied effectively in the meanwhile creating favorable conditions for economic growth. The measures concern both the real and the financial sectors of the economy. Thus, the main directions of anti-crisis measures can be reduced to the following:
1. Financial maintenance of companies in the real sector of the economy, including
- credit support
- capitalization of companies
- expansion of state guarantee system
- direct budgetary funding
2. Reduction of tax burden on the business environment, including:
- reduction of corporative and indirect tax rates and cancellation of certain tax types
- application of differenciated tax rates
- reduction of custom duties and cancellation of certain types of custom duties
- simplification of tax administration and increase of transparency
- support to SMEs and improvement of the competitive environment
3. Boosting of gross demand, including.
- Reduction of indirect taxes and application of differentiated types of taxes
- Reduction of personal tax rates
- Expansion of state procurement and state demand
- Application of sponsorship policy
- Boosting of domestic consumption
4. Relaxation of social tension, including.
- Maintenance and expansion of funding possibilities for social programs
- Increase of unemployment benefits
- Realization of employment programs
- Realization of specialized trainings of employees
5. Funding of science and innovations, including,
- Development energy and resource saving technologies
- Boosting innovations.[7]
We believe that focusing of the anti-crisis measures in the mentioned field as well as applying
SargsYan K.S.
_THE ISSUES OF IMPROVEMENT OF STATE ANTI-CRISIS MEASURES_
objective criteria in the choice of measures will largely contribute to the improvement of anti-crisis measures.
It is worth mentioning that the development of anti-crisis strategy should take into account the main specificities of crises which should be accompanied by the elimination of exhausted systems which will enable the creation of a new one, which will largely depend on the essence and the efficiency of anti-crisis measures. Anti-crisis measures bring forth innovations, and they also result in new advances of science and technology, up-to-date methods of management.
To alleviate the negative impacts of the crises and to maintain positive dynamics, the anti-crisis measures should involve both long-term and short-term strategic objectives. Anti-crisis measures should be undertaken both at state and regional levels, as well as in large enterprises, the activities of which should be in line with the anti-crisis measures exercised by the government. Otherwise, the success of state anti-crisis policy can be questioned and the financial investments will fail to be efficient.
After the implementation of the anti-crisis measures, the systemized evaluation of the latter should follow. This process supposes to estimate to what extent each measure was expedient and to what extent the choice and application of each state regulation tool was efficient.
It should be mentioned that in the condition of economic slump the state fails to objectively orientate in what kind of support each branch of economy should receive and what should be the long-term development strategies. In this case the state relies basically on the representatives of the big business operating in the traditional sectors of economy.
As to SMEs and new branches of economy, the information regarding these spheres is usually incomplete, superficial and belated. The latter accounts for the fact that the major part of the selective measures are directed to the support of the big business, even in the case when some branches of it are non-profitable, in the meantime, SMEs and innovation spheres receive a very little portion of support. In this situation the business representatives and the society remain poorly informed about the character, the process, the consistency and the successes recorded after the anti-crisis measures have been taken. The lack of the feedback from the society and from the business world affect the quality and the effeciency of the measures.
Undoubtedly there exist certain arguments in favor of restrictions for information, nevertheless these restrictions contribute to the increase of profits of those representatives of big business who enjoy the privileged attention of the state structures. This kind of approach is risky in view of the fact that resources may be directed the traditional spheres of economy which operate inefficiently with out-of -date technologies. In these circumstances the state anti-crisis policy gets distorted and fails to guarantee conditions for regulations in the post-crisis period.
The inconsistency between anti-crisis measures and objectives of the long-term development strategy increases the risk of disruption of state regulation system and failure to maintain efficient competitiveness, which gets accompanied by uncertainties about the future and other negative phenomena.
The above stated is a "one-time" support and/or assistance measure, such as increase in capitalization, purchase of bonds that bring unfulfilled hopes among recipient businesses with respect to the measures to be implemented in the future, as well that negatively affects the performance of those companies, thus resulting decline in efficiency of the performance. Anti-crisis emergency and special measures that negatively affect the established organizational and institutional structures by substantially changing rules of the game in the economy are often adopted without stating the duration of the period during which these measures would be implemented or the criteria if complied with will allow implementation of these measures.
From our point of view it is possible to sidetrack the problems and the drawbacks of the anti-crisis measures if specific counter-claims are put forward the beneficiaries of these measures. Particularly, enterprises in monopoly position can be urged to avoid ungrounded price rises, implement more competitive production technologies and take other measures to guarantee competitiveness of the production. These claims should be fixed and public, otherwise cases of state patronage and corruption risks will be high. Moreover, it should be highlighted that the more transparent the anti-crisis measures, the more efficient they will, hence the higher the trust toward the state will be. The latter is an important factor in terms of creating an atmosphere of positive expectations. In the result, the effi-
ciency of anti-crisis measures will increase and the phase of growth and development will pass smoothly.
Литература
1. Мау В. Экономическая политика 2007 года: успехи и риски. Вопросы экономики, 2008 N 2, стр.10 (стр.4-23) (на русском)
2. Аттали Ж. «Мировой экономический кризис...Что дальше?» -СПб.:Питер, 2009-стр.168(176 стр.) (на русском)
3. Доклад Стиглица о реформе международной валютно-финансовой системы. Уроки глобального кризиса. Ред. Прозоров Ю.К.: «Международные отношения», М. 2012г., - с. 72 (328 стр.,)(нарусском)
4. Арутюнян В.«Мировой финансово-экономический кризис: причины, антикризисные мероприятия и уроки», Ер., Изд-во ««Гитутюн» НАНРА , 2009г., с.36 (146стр.,) (на армянском)
5. Арутюнян В.,Саргсян К. Характеристика и особенности современных финансово-экономических кризисов //Ученые Записки Гюмрийского педагогического института им.М.Налбандяна, N2, с.107 (стр.102-108). (на армянском)
6. Группа по надзору Конгресса США, "Специальный доклад по вопросам реформы регулирования. Модернизация американской системы финансового регулирования: рекомендации по улучшению надзора, защиты потребителей и обеспечения стабильности", Вашингтон, округ Колумбия, январь 2009.Режим доступа: http://cop.senate.gov./reports/library/report-012909-cop.cfm. (на английском)
7. Саргсян К. Проблемы разработки современных направлений антикризисной политики // Формирование евразийского экономического союза: финансово-правовой аспект: сб. ст. Всерос. науч.-практ. конф. (Екатеринбург, 6-7 октября 2015 г.) /отв. за вып.: М. С. Марамыгин, В. П. Иваницкий, Н. А. Истомина. - Екатеринбург: Изд-во УрГЭУ, 2015, с. 118 (стр. 115-120). (на русском)
References:
1. Mau, V., "The Economic Policy of2007: Success and Risks", Voprosy Ekonomiki, N 2, 2008, p. 10 (pp.4-23) (in Russian)
2. Attali, Zh., The Global Economic Crises... What's next?, St.P.:Piter, 2009, p.168 (176p.). (in Russian)
3. Stieglitz Report on Reforms of the International Currency-Financial System: The Learned Lessons of the Global Crisis, Ed. Prozorov, Yu.K., International Relations, M., 2012, p. 72 (328p.). (in Russian)
4. Harutyunyan V., The Global Financial Crisis: Cause-Roots, Anti-crisis Measures and Lessons Learned, Yerevan, National Academy of Sciences, "Science" publishing house, 2009, p.36 (146 pages). (in Armenian)
5. Harutyunyan V., Sargsyan K., The Nature and Peculiarities of Modern Financial-Economic Crises// Scientific proceedings, Giumri State Pedagogical Institute After M. Nalbandyan, N2, p.107 (pp.102-108). (in Armenian)
6. Congressional Oversight Panel, "Special Report on Regulatory Reform. Modernizing the American Financial Regulatory System: Recommendations for Improving Oversight, Protecting Consumers, and Ensuring Stability", Washington D.C. January 2009, available at http://cop.senate.gov./reports/library/report-012909-cop.cfm. (in English)
7. The Issues of Designing the Contemporary Directions of the Anti-Crisis Policy // The Establishment of the Eurasian Economic Union: Financial and Legal Aspects, St.P., Proceeds of the All-Russian Scientific-Applied Conference (Yekaterinburg, October 6-7, 2015) / Issue Responsible Eds. Maramygin, M.S., Ivanitskiy, V.P., Istomina, N.A., Yekaterinburg, Publishing House of USEU, 2015, p. 118 (pp. 115-120). (in Russian)
