The loan capital market is formed and approved, and first of all the credit market.
The loan capital market is formed and approved, and first of all the credit market.
It is interesting to note that the introduction of the variable relative efficiency left unchanged the values of the regression coefficients of the other two endogenous variables and also the constant values of equation (5), but this increasedvalues of their statistical indicators (t). Therefore, this can be considered a correction in equation (5), ie this variable is used to increase the stability of estimates and determine some of the unknown dependent variables, because the values of t for all industries are high.
Its defined coefficient can be interpreted as the elasticity of relative efficiency of production, which shows the effects of changes in efficiency (in percent) of the industry relative to the overall efficiency of the economy (in percent) on changes in production (in percent) , other variables remain unchanged.
The population variable was the most statistically significant variable (it differs from 0 per 1% of the level of importance for all industries). It was found that for such industries as: tobacco (314), products of woodworking and furniture production (331, 332), paper (341), chemical (351, 352), production of plastic products (356), glass processing and non -metallic minerals (361, 369), production of metal products and machines (381, 382, 383) – population elasticity is approaching the unit, which shows the constant dependence of changes in the products of industries caused by changes in the population employed in these industries.
Agriculture (100), food and beverages (311, 313), printing and publishing (342), professional and scientific equipment (385) – in these industries the elasticity of the population is less than one, which means that the growth of production in these industries is not keeps pace with the growing size of the market. This result may seem unexpected for industries 342 and 385, one could hope for increased population elasticity in at least one of these industries. However, the same results were achieved in 1979: industry 342 had a population elasticity of 0.677, industry 385 – 0.858, both differed significantly from 0 to 1% of the level of significance.
On the other hand, industries such as textiles, clothing and footwear (322, 323, 324), refined products (353), rubber products (355), ceramics (361), iron, steel and other metals (371, 372) and transport equipment (384) have a population elasticity greater than one. These industries will benefit from an increase in the capacity of the market itself (other independent variables remain unchanged), which will take place under the conditions of integration of the two regions.
Regarding the elasticity of the income growth factor, the elasticity of negative growth has such industries as agriculture (100), textile industry (321), clothing (322), leather goods (323), footwear (324) and ceramic tableware. This indicates that the degree of influence of agriculture and the textile industry in the growth of the region’s economy is decreasing. It can also mean that in the European Union, the phenomenon of economic growth is closely linked to the growth of heavy industry.
The value of growth elasticity indicates changes in the economic structure of the region under study. The highest elasticity of growth is in the field of professional and scientific equipment (385), while other industries with high elasticity of growth are printing and publishing (342), industrial chemicals (351), iron and steel (371) and mechanical engineering ( 381, 382, 383). All growth rates are statistically different from 0, at least 5% of the importance level, except for the ratios of industries 314, 322,324 and 372, which have a 10% level.
3.3. Results
In table 5, the “integration index” is calculated from equation (9); also provides “normal” products for each industry from the nine EU and Greek countries before integration and the EU-10 – under the conditions of integration.
Table 5. Dynamic effects of integration.
|
ISIC |
Integration index |
Vis EU-9 |
Vir EU-10 |
Vih greece |
Dir EU-10 |
Dis EU-9 |
Dir / Dis |
|
one hundred |
1.02162 |
50.024, 202.101 |
55.563, 304.206 |
4.363, 245.489 |
1,436 th most common |
1,390 th most common |
1.03337 |
|
311 |
1.02008 |
67.227, 494.294 |
69.376, 498.976 |
783,347, 673 |
2,048 th most common |
1.999 |
1.02480 |
|
313 |
1.00481 |
15.172, 703.067 |
15,433, 654,756 |
187.032, 885 |
1,444 th most common |
1,442 th most common |
1.00171 |
|
314 |
0.99807 |
7.986, 723.389 |
8.078, 529.076 |
107.407, 225 |
1,216 th most common |
1,231 th most common |
0.98826 |
|
321 |
1.00274 |
20.618, 576.261 |
21.489, 066.961 |
811,812,045 |
0.757 |
0.761 |
0.99409 |
|
322 |
0.99927 |
12,229,799,131 |
12.617, 033.477 |
396,496,977 |
0.693 |
0.704 |
0.98453 |
|
323 |
1.00738 |
2,463,500,236 |
2.565, 347.146 |
83.063, 407 |
0.576 |
0.590 |
0.97663 |
|
324 |
1.01100 |
4,351,405,437 |
4,491,537,327 |
91,274,690 |
0.531 |
0.549 |
0.96667 |
|
331 |
0.99861 |
8.226, 311.517 |
8.408, 718.004 |
194,145,579 |
1.008 th most common |
1.007 th most common |
1.00107 |
|
332 |
1.00174 |
10.074,212.574 |
10.213, 360.282 |
121,410,894 |
1,190 th most common |
1,169 th most common |
1.01801 |
|
341 |
1.00128 |
11.869, 377.507 |
11.986, 196.491 |
101,502, 952 |
1,042 th most common |
1,032 th most common |
1.00958 |
|
342 |
0.99826 |
19.457, 690.330 |
19,600, 894,476 |
177,461, 117 |
1,663 th most common |
1,620 th most common |
1.02609 |
|
351 |
1.00198 |
27.003, 537.844 |
27.206, 658.642 |
149,258, 617 |
1.207 th most common |
1,181 th most common |
1.02147 |
|
352 |
1.00007 |
19.869, 618.031 |
20.123, 645.724 |
252,569,251 |
1,111 th most common |
1,121 th most common |
0.99182 |
|
353 |
0.99554 |
18.330, 686.116 |
18.379, 991.273 |
131,679,773 |
0.394 |
0.406 |
0.97099 |
|
354 |
1.00634 |
1,757,662,829 |
1,800, 141,075 |
31.145, 681 |
3,239 th most common |
3.148 th most common |
1.02877 |
|
355 |
0.99157 |
5,790, 908,404 |
5,798, 612,962 |
56,979,726 |
0.528 |
0.544 |
0.97156 |
|
356 |
1.00156 |
11.320, 080.035 |
11.514, 548.669 |
176.511, 133 |
1,097 th most common |
1,094 th most common |
1.00224 |
|
361 |
0.99911 |
3,380,453,027 |
3.431, 704.963 |
54,325, 464 |
0.647 |
0.672 |
0.96290 |
|
362 |
1.00228 |
5,593,861,595 |
5,643,965,396 |
37,247,273 |
1,146 th most common |
1,147 th most common |
0.99920 |
|
369 |
0.99883 |
17.337, 032.461 |
17.707, 020.338 |
390,687,954 |
1,112 th most common |
1,111 th most common |
1.00069 |
|
371 |
1.00256 |
30.286, 561.204 |
30.525, 917.990 |
161,488, 344 |
0.423 |
0.427 |
0.98955 |
|
372 |
1.00538 |
7.608, 153.627 |
7.825, 463.120 |
175,459,741 |
0.451 |
0.455 |
0.99058 |
|
381 |
0.99993 |
32.256, 826.466 |
32.669, 302.155 |
414,657,347 |
Formation of industrial civilization: international economic relations. AbstractInternational division of labor. International trade. Capital movement. Labor market. International monetary system
International division of labor Note, first of all, that in the process of formation of industrial civilization is strengthening ties between national economies. The peculiarity of such consolidation, according to experts, is that relations between states, between national economies, especially the most developed, becomes more established. At the same time, a number of markets are being formed in the structure of the world market as components that were not inherent in the previous civilization. In particular, commodity markets are defined and approved (grain market, metal market [both ferrous and non-ferrous], fabric market, etc.). The loan capital market is formed and approved, and first of all the credit market. There is a foreign exchange market. The formation of the international labor market is coming to an end. Thus, the world market is gradually being formed as a certain international, and now we can even say a world system that has its own structure. The main prerequisite for the formation of the world market was the international division of labor. It is defined as the specialization (relatively stable) of the world in the production of certain products to meet the needs of the world market. At the end of the 19th century and to a certain extent at the beginning of the 20th century, interdisciplinary subject specialization prevailed as the basis of the international division of labor. Great Britain: She once received the title of “workshop of the world”. In the 19th century and early 20th century specializes in the manufacture of machinery, equipment, footwear, leather goods, ferrous metals and articles thereof, food products. Germany: Specializes in agricultural machinery, railway equipment, steam boilers, chemical products, alcohol production for export, as well as derivatives of industrial crops such as sugar and more.
France: Textile machines, silk and wool fabrics, perfumes (to some extent). Thus, already in the 19th century within the national economies of developed countries formed a fairly diversified export production. That is, when we talk about the new nature of WFP, we emphasize that developed countries specialize not in one but in several export industries. A more modest place in the WFP was occupied by: Belgium: Weapons, ferrous metals and articles thereof, tools for mechanical engineering; Austria-Hungary: Metals, sugar, hops. The colonial and dependent states are assigned the status of exporters of raw materials (this status is maintained today for a large part of developing countries): cotton, natural rubber, spices, coffee, sugar (mostly cane). From the second half of the 19th century, first there are signs, which then become widespread, intra-industry specialization of countries, when the manufacture of the same export products specializes in several countries. For example, exporters of ferrous metals were simultaneously: Great Britain, Belgium; color: France, Austria-Hungary). Intra-industry specialization is considered as a basis for further cooperation in international production. With the establishment of industrialization, the spread of such a phenomenon as the internationalization of economic life: the emergence of the loan capital market, world commodity markets and more. International trade During the formation of industrial civilization, international trade gained new meaning. As in previous eras, it has a leading place in the system of world economic relations (as a traditional form of IEA). The content of international trade is changing, firstly, due to the fact that it is gaining world level and relies on the world market, and secondly, radically changing the commodity structure of exports and imports in the world economy. The scale of international trade is growing significantly. For example, during the period 1720-1780 the volume of international trade increased 2.1 times, during the period 1800-1880 the volumes of international trade increased more than 10 times, during the period 1896-1913. |