Search results for: Economic crises

Authors: M. Fems Kurotimi, Agada Franklin, Godsave Aladei, Opigo Helen

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Within the last 30 years, entrepreneurship education (EE) has continued to gain massive interest both in the field of research and among policy makers. This surge in interest can be attributed to the perceived importance EE plays in the equipping of potential entrepreneurs and as a 21^st century strategy to foster economic growth and development. This paper sets out to ascertain the correlation between EE and economic growth and development. A desk research approach was adopted where a multiplicity of literatures in the field were studied intensely. The findings reveal that indeed EE has a positive effect on entrepreneurship engagement thereby fostering economic growth and development. However, some research studies reported the contrary. That although EE may be able to equip potential entrepreneurs with requisite entrepreneurial skills and competencies, it will only be successful in producing entrepreneurs if they are internally driven to become entrepreneurs, because we cannot make people what they are not. The findings also reveal that countries that adopted EE early have more innovations inspired by entrepreneurs and are more developed than those that only recently adopted EE as a viable tool for entrepreneurship and economic development.

Keywords: Entrepreneurship, entrepreneurship education, economic development, economic growth, sustainable development.

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Authors: Young Sik Kim, Tae Kwon Ha

Abstract:

This article considers the problems of economic growth and Russian energy strategy. Also in this paper, the issues related to the economic growth prospects of Russian were discussed. Russian energy strategy without standing Russia`s stature in global energy markets, at the current production and extraction rates, will not be able to sustain its own production as well as fulfil its energy strategy. Indeed, Russia’s energy sector suffers from a chronic lack of investments which are necessary to modernize its energy supply system. In recent years, especially since the international financial crisis, Russia-EU energy cooperation has made substantive progress. Recently the break-through progress has been made, resulting mainly from long-term contributing factors between the countries and recent international economic and political situation changes. Analytical material presented in the article is intended for a more detailed or substantive analysis related to foreign economic relations of the countries and Russia as well.

Keywords: Russia, Energy strategy, Economic growth, Cooperation.

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Authors: Bubaker F. Shareia, Almuetaz R. Boubakr

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The aim of this paper is to show how Libya’s legal, economic, political, social, and cultural systems have shaped Libyan development. This will provide a background to develop an understanding of the current role of the accounting information system in Libya and the challenges facing the design of the aeronautical information system to meet the development needs of Libya. Our knowledge of the unified economic operating systems of the world paves the way for the economic development of every developing country. In order to achieve this understanding, every developing country should be provided with a high-efficiency communications system in order to be able to interact globally. From the point of view of the theory of globalization, Libya's understanding of its socio-economic and political systems is vital in order to be able to adopt and apply accounting techniques that will assist in the economic development of Libya.

Keywords: Accounting, economic development, globalisation theory, information system.

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Authors: Mohammed I. Abouheaf, Sofie Haesaert, Wei-Jen Lee, Frank L. Lewis

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Economic Dispatch is one of the most important power system management tools. It is used to allocate an amount of power generation to the generating units to meet the load demand. The Economic Dispatch problem is a large scale nonlinear constrained optimization problem. In general, heuristic optimization techniques are used to solve non-convex Economic Dispatch problem. In this paper, ideas from Reinforcement Learning are proposed to solve the non-convex Economic Dispatch problem. Q-Learning is a reinforcement learning techniques where each generating unit learn the optimal schedule of the generated power that minimizes the generation cost function. The eligibility traces are used to speed up the Q-Learning process. Q-Learning with eligibility traces is used to solve Economic Dispatch problems with valve point loading effect, multiple fuel options, and power transmission losses.

Keywords: Economic Dispatch, Non-Convex Cost Functions, Valve Point Loading Effect, Q-Learning, Eligibility Traces.

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Authors: T. H. Bitebe, T. M. Lima, F. Charrua-Santos, C. J. Matias Oliveira

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This study aims to present a proposal for an economic integration model for the development of the manufacturing industry in Cabinda, Angola. It seeks to analyze the degree of economic integration of Cabinda and the dynamics of the manufacturing industry. Therefore, in the same way, to gather information to support the decision-making for public financing programs that will aim at the disengagement of the manufacturing industry in Angola and Cabinda in particular. The Cabinda Province is the 18^th of Angola, the enclave is located in a privileged area of the African and arable land.

Keywords: Economic integration, industrial development, Cabinda industry, Angola.

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Authors: Md. Emaj Uddin

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This study compared socio-economic status attainment between the Muslim and Santal couples in rural Bangladesh. For this we hypothesized that socio-economic status attainment (occupation, education and income) of the Muslim couples was higher than the Santal ones in rural Bangladesh. In order to examine the hypothesis 288 couples (145 couples for Muslim and 143 couples for Santal) selected by cluster random sampling from Kalna village, Bangladesh were individually interviewed with semistructured questionnaire method. The results of Pearson Chi-Squire test suggest that there were significant differences in socio-economic status attainment between the two communities- couples. In addition, Pearson correlation coefficients also suggest that there were significant associations between the socio-economic statuses attained by the two communities- couples in rural Bangladesh. Further crosscultural study should conduct on how inter-community relations in rural social structure of Bangladesh influence the differences among the couples- socio-economic status attainment

Keywords: Bangladesh, Couple, Cross-Cultural Comparison, Muslim, Socio-Economic Status Attainment, Santal.

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Authors: M. Ilyas, M. W. Siddiqi

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This study employs auto-regressive distributed lag (ARDL) bounds approach to cointegration for long run and errorcorrection modeling (ECM) for short run analysis to examine the relationship between revenue gap and economic growth for Pakistan using annual time series data over the period 1980 to 2008. The short and long run results indicate that revenue gap is statistical significant and negatively effect economic growth. The significant and negative coefficient of error correction term in ECM indicates that after a shock, the long rum equilibrium will again converge towards equilibrium about 10.406 percent within a year.

Keywords: ARDL cointegration, Economic Growth, RevenueGap, Pakistan.

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Authors: Fatma Didin Sonmez, Pinar Sener

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Technology transfer by international trade and foreign direct investment is the most important positive outcome of open economy. It is widely accepted that new technology and knowledge have an important role in enhancing economic growth. Human capital is the other important factor assisting economic growth. In this study, the role of human capital in the growth process is examined in a view of new endogenous growth theory emphasizing on the technology transfer resulting from international trade. Using the panel data of 10 developed and 10 developing countries, impact of human capital and openness on the rate of economic growth of different countries is analysed. Evidence suggests the view that human capital and openness contribute to the economic growth in both developing and developed countries, but with different rates.

Keywords: economic growth, human capital, openness, technology

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Authors: Troy L. Story

Abstract:

A mathematical model for the Dynamics of Economic Profit is constructed by proposing a characteristic differential oneform for this dynamics (analogous to the action in Hamiltonian dynamics). After processing this form with exterior calculus, a pair of characteristic differential equations is generated and solved for the rate of change of profit P as a function of revenue R (t) and cost C (t). By contracting the characteristic differential one-form with a vortex vector, the Lagrangian is obtained for the Dynamics of Economic Profit.

Keywords: Differential geometry, exterior calculus, Hamiltonian geometry, mathematical economics, economic functions, and dynamics

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Authors: Azhar E. Serikkaliyeva, Nurzhamal A. Aldabek

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The purpose of this article is to analyze economic and political tendencies of development of integration processes with different developing level and speed on the Eurasian space, by considering two organizations at the region – Eurasian Economic Community and Shanghai Cooperation Organization, by considering the interests of participations in organizations of Russia and China as a global powers and Kazakhstan as a leader among the Central Asian countries. This article investigates what certain goals Eurasian countries (especially Russia, Kazakhstan and China) are waiting from integration within the SCO and the EurAsEC, linking the process with the theories of regional integration. After European debt crisis it is more topically to research the integration within the specific region's conditions.

Keywords: Eurasian Economic Community, China, Kazakhstan, Shanghai Cooperation Organization, Regional integration, Russia.

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Authors: Wenwen Liu, Robert Burton, Simon McKeown

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Climate change is seriously threatening human security and development, leading to global warming and economic, political, and social chaos. Many artists have created visual responses that challenge perceptions on climate change, actively guiding people to think about the climate issues and potential crises after urban industrialization and explore positive solutions. This project is an interdisciplinary and intertextual study where art practice is informed by culture, philosophy, psychology, ecology, and science. By correlating theory and artistic practice, it studies how art practice creates a visual way of understanding climate issues and uses art as a way of exploring speculative futures. In the context of practical-based research, arts-based practice as research and creative practice as interdisciplinary research are applied alternately to seek the original solution and new knowledge. Through creative art practice, this project has established visual ways of looking at climate change and has developed it into a model to generate more possibilities, an alternative social imagination. It not only encourages people to think and find a sustainable speculative future conducive to all species but also proves that people have the ability to realize positive futures.

Keywords: Climate change, creative practice as interdisciplinary research, arts-based practice as research, creative art practice, speculative future.

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Authors: Ehigiamusoe, Uyi Kizito

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The paper examines the impact of money market on economic growth in Nigeria using data for the period 1980-2012. Econometrics techniques such as Ordinary Least Squares Method, Johanson’s Co-integration Test and Vector Error Correction Model were used to examine both the long-run and short-run relationship. Evidence from the study suggest that though a long-run relationship exists between money market and economic growth, but the present state of the Nigerian money market is significantly and negatively related to economic growth. The link between the money market and the real sector of the economy remains very weak. This implies that the market is not yet developed enough to produce the needed growth that will propel the Nigerian economy because of several challenges. It was therefore recommended that government should create the appropriate macroeconomic policies, legal framework and sustain the present reforms with a view to developing the market so as to promote productive activities, investments, and ultimately economic growth.

Keywords: Economic Growth, Investments, Money Market, Money Market Challenges, Money Market Instruments.

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Authors: Kamila Janovská, Šárka Vilamová, Petr Besta, Iveta Vozňáková, Roman Kozel

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Quantitative methods of economic decision-making as the methodological base of the so called operational research represent an important set of tools for managing complex economic systems,both at the microeconomic level and on the macroeconomic scale. Mathematical models of controlled and controlling processes allow, by means of artificial experiments, obtaining information foroptimalor optimum approaching managerial decision-making.The quantitative methods of economic decision-making usually include a methodology known as structural analysis -an analysisof interdisciplinary production-consumption relations.

Keywords: economic decision-making, mathematical methods, structuralanalysis, technical coefficient

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Authors: Seyed Mohammad Reza Hosseini

Abstract:

The new institutional Economics helps generalization and expansion of new classic by adding the institution theories to Economic. It is clear that the appropriate institution is among the factors that lead to success in Economic programs. If the institutional are appropriate, the society will save the source and when we make use of time to apply the program, there will be welfare and average revenue product will also increase. In Economy, one should not expect the real manifestation of Economic programs only with a model for estimating and predicting rather institutions of the same purpose and along with production are needed to form the process of growth and development costs. In this research, the institution role in transaction costs, financial markets, distribution of revenue and capital and its influence on the process of growth and development are investigated so that handicaps and problems of Iran Economic Institutions can be recognized. In other words, incapability, non productivity and ambiguity of the institution in Iran Economic are some of the factors that handicap Economic growth and development. For example, Iran government as an important institution while having 20 ministries,83 organizations and 60 years of programming could not go along the growth and development but why?

Keywords: Institution, New institutional economics, Transaction costs.

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Authors: Tatyana Boikova

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The strong international competition as the factor of rising economic development efficiency should not turn into destructive force for models of social orientation. What result Europe received from the accelerated integration without a long transition period of the accepted countries. Correlative relationship between the research and development expenditure and labor productivity, inflation and the rate economy's growth of the USA and the euro zone, employment and gross value added between Old and New Europe is analyzed in this article. The article estimates the differences in economic growth of Old and New Europe. Correlation rate between cycles of the euro area and the countries of Central and the Eastern Europe very much differs, though some of these countries have high correlation as members of the Economic and Monetary Union. Besides, the majority of the countries of Central and the Eastern Europe does not correspond to criteria of an optimum currency area.

Keywords: endogenous economic growth, sustainability, competitiveness, economic development

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Authors: Kurotimi Maurice Fems, Abara Onu, Francis W. D. Poazi

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Scholars and development economists believe that the development of an economy depends largely on the creative and innovative ingenuity of its entrepreneurs. Others however, are of the opinion that the lack of entrepreneurs or entrepreneurial activities is not a constraint to economic development in any economy, particularly Nigeria. This paper sets out to explore the connectivity between entrepreneurship and economic development from a theoretical point of view, principally in Nigeria. A desk research approach was adopted where a conglomerate of literatures was reviewed on how entrepreneurship can spur economic growth or otherwise. The findings reveal that entrepreneurship is vital to the development of Nigeria and that, universities and other Higher Education Institutions must play the vital role of educating the people on entrepreneurship skills and competences. However, the problems and difficulties entrepreneurs face in Nigeria and the same problems suffocating the growth and development of its economy. Therefore, entrepreneurship cannot be said to be the sole cure for economic under-development in Nigeria but rather other factors such as empowering and granting the institutions autonomy and the provision of infrastructural capability, such as consistent electricity generation and supply, good system of transportation, implementing proposed economic policies in an effective and efficient manner etc., the cultural beliefs and mindset of the citizenry, was also found to be key in the development of any economy.

Keywords: Entrepreneurship, entrepreneurial, economic underdevelopment, unemployable, oil boom, infrastructural under-development, SMEs.

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Authors: A. Charlangsut, M. Boonthienthong, N. Rugthaicharoencheep

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This paper proposes a mathematical model for transmission expansion employing optimization method with scenario analysis approach. Economic transmission planning, on the other hand, seeks investment opportunities so that network expansions can generate more economic benefits than the costs. This approach can be used as a decision model for building new transmission lines added to the existing transmission system minimizing costs of the entire system subject to various system’s constraints and consider of loss value of transmission system and N-1 checking. The results show that the proposed model is efficient to be applied for the larger scale of power system topology.

Keywords: Transmission Expansion Planning, Economic Dispatch, Scenario Analysis, Contingency.

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Authors: Yahya A. Sadiq, Grace F. Balogun, Olufemi J. Anjorin

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This study analyzed the spatial distribution of socio-economic factors in Kogi state with a view to examining its implications on the development of the state. Consequently, questionnaires were administered on both the selected individual respondents (784) in the state and on the administrative offices (local council offices, 21) to solicit relevant information on the spatial distribution of socio-economic factors in their areas. The collected data were tabulated and analyzed using percentages. The study revealed commerce/trade, education, and health care, etc. as the major socio-economic factors in the state but with marked variation/imbalance in their spatial distribution across the study area. The rural-based local government areas have far less of such important facilities. Conclusively, it was recommended that there is need for socio-economic transformation of living conditions of people in the study area especially by positively redistributing local political power and the resources that are abound in the state will be felt by everybody including the commoners.

Keywords: Development, local government areas, socio-economic factors, spatial distribution.

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Authors: Fatma Didin Sonmez

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This survey of recent literature examines the link between growth and poverty. It is widely accepted that economic growth is a necessary condition for sustainable poverty reduction. But it is the fact that the economic growth of some countries has been pro-poor while others not. Some factors such as labor market, policies and demographic factors may lead to a weak relationship between economic performance and poverty rate. In this sense pro-growth policies should be pro-poor to increase the poverty alleviation effects of the growth. The purpose of this study is to review the recent studies on the effects of macroeconomic policies on poverty and inequality and to review the poverty analyses which examine the relationship between growth, poverty and inequality. Also this study provides some facts about the relationship between economic growth, inequality and poverty from Turkey. Keywordseconomic growth, inequality, macroeconomic policy, poverty

Keywords: economic growth, inequality, macroeconomic policy, poverty

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Authors: Chidera G. Eze, Kennedy K. Abrokwa, Chimaobi V. Okolo

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This paper empirically examines the dynamic relationship between financial deepening and economic growth in a monetary union. We find positive but weak evidence of impacts of financial deepening on growth for Gambia, Gabon and Sierra Leone. There is no evidence of any positive significant impact for Ghana and Nigeria. We argue that, the weak evidence between financial deepening and economic growth can be a consequence of the inability of assessing credit (long-term loans), credit worthiness, lack of information and low level of bank deposits by the private sector despite the improvement in the financial sector.

Keywords: Financial deepening, economic growth, dynamics, innovation accounting.

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Authors: U. Ben-Hamed, H. Seddighi, K. Thomas

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UK breweries generate extensive by products in the form of spent grain, slurry and yeast. Much of the spent grain is produced by large breweries and processed in bulk for animal feed. Spent brewery grains contain up to 20% protein dry weight and up to 60% fiber and are useful additions to animal feed. Bulk processing is economic and allows spent grain to be sold so providing an income to the brewery. A proportion of spent grain, however, is produced by small local breweries and is more variably distributed to farms or other users using intermittent collection methods. Such use is much less economic and may incur losses if not carefully assessed for transport costs. This study reports an economic returns of using wet brewery spent grain (WBSG) in animal feed using the Co-product Optimizer Decision Evaluator model (Cattle CODE) developed by the University of Nebraska to predict performance and economic returns when byproducts are fed to finishing cattle. The results indicated that distance from brewery to farm had a significantly greater effect on the economics of use of small brewery spent grain and that alternative uses than cattle feed may be important to develop.

Keywords: Animal Feed, Brewery Spent Grains, cattle CODE, Economic returns.

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Authors: Giorgi Bregadze

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Tourism is the most viable and sustainable economic development option for Georgia and one of the main sources of foreign exchange earnings. Events are considered as one of the most effective ways to attract foreign visitors to the country, and, recently, the government of Georgia has begun investing in this sector very actively. This article stresses the necessity of research based economic policy in the tourism sector. In this regard, it is of paramount importance to measure the economic effects of the events which are subsidized by taxpayers’ money. The economic effect of events can be analyzed from two perspectives; financial perspective of the government and perspective of economic effects of the tourism administration. The article emphasizes more realistic and all-inclusive focus of the economic effect analysis of the tourism administration as it concentrates on the income of residents and local businesses, part of which generate tax revenues for the government. The public would like to know what the economic returns to investment are. In this article, the methodology used to describe the economic effects of UEFA Super Cup held in Tbilisi, will help to answer this question. Methodology is based on three main principles and covers three stages. Using the suggested methodology article estimates the direct economic effect of UEFA Super cup on Georgian economy. Although the attempt to make an economic effect analysis of the event was successful in Georgia, some obstacles and insufficiencies were identified during the survey. The article offers several recommendations that will help to refine methodology and improve the accuracy of the data. Furthermore, it is very important to receive the correct standard of measurement of events in Georgia. In this caseü non-ethical acts of measurement which are widely utilized by different research companies will not trigger others to show overestimated effects. It is worth mentioning that to author’s best knowledge, this is the first attempt to measure the economic effect of an event held in Georgia.

Keywords: Biased economic effect analysis, expenditure of local citizens, time switchers and casuals, UEFA super cup.

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Authors: Troy L. Story

Abstract:

Mathematical models of dynamics employing exterior calculus are mathematical representations of the same unifying principle; namely, the description of a dynamic system with a characteristic differential one-form on an odd-dimensional differentiable manifold leads, by analysis with exterior calculus, to a set of differential equations and a characteristic tangent vector (vortex vector) which define transformations of the system. Using this principle, a mathematical model for economic growth is constructed by proposing a characteristic differential one-form for economic growth dynamics (analogous to the action in Hamiltonian dynamics), then generating a pair of characteristic differential equations and solving these equations for the rate of economic growth as a function of labor and capital. By contracting the characteristic differential one-form with the vortex vector, the Lagrangian for economic growth dynamics is obtained.

Keywords: Differential geometry, exterior calculus, Hamiltonian geometry, mathematical economics.

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Authors: Jihye Jeon

Abstract:

This paper analyzes the political and economic issues that people with disabilities face related to globalization; how people with disabilities have been adapting globalization and surviving under worldwide competition system. It explains that economic globalization exacerbates inequality and deprivation of people with disabilities. The rising tide of neo-liberal welfare policies emphasized efficiency, downsized social expenditure for people with disabilities, excluded people with disabilities against labor market, and shifted them from welfare system to nothing. However, there have been people with disabilities' political responses to globalization, which are characterized by a global network of people with disabilities as well as participation to global governance. Their resistance can be seen as an attempt to tackle the problems that economic globalization has produced. It is necessary paradigm shift of disability policy from dependency represented by disability benefits to independency represented by labor market policies for people with disabilities.

Keywords: Economic Globalization, People with Disability, Deprivation, Welfare Cut, Disability Right Movement, Resistance.

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Authors: Natalya G. Filimonova, Mariya G. Ozerova, Irina N. Ermakova

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The long-term strategy of the economic development of Russia up to 2030 is based on the concept of sustainable growth. The determining factor of such development is complex changes in the economic system which may be achieved by making progressive changes in its structure. The structural changes determine the character and the direction of economic development, as well as they include all elements of this system without exception, and their regulated character ensures the most rapid aim achievement. This article has discussed the industrial structure of the agriculture in Russia. With the use of the system of indexes, the article has determined the directions, intensity, and speed of structural shifts. The influence of structural changes on agricultural production development has been found out. It is noticed that the changes in the industrial structure are synchronized with the changes in the organisation and economic structure. Efficiency assessment of structural changes allowed to trace the efficiency of structural changes and elaborate the main directions for agricultural policy improvement.

Keywords: Russian agriculture system, sectoral structure, organizational and economic structure, structural changes.

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Authors: I. Lolic, P. Soric, M. Cizmesija

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Based on Business and Consumer Survey (BCS) data, the European Commission (EC) regularly publishes the monthly Economic Sentiment Indicator (ESI) for each EU member state. ESI is conceptualized as a leading indicator, aimed ad tracking the overall economic activity. In calculating ESI, the EC employs arbitrarily chosen weights on 15 BCS response balances. This paper raises the predictive quality of ESI by applying nonlinear programming to find such weights that maximize the correlation coefficient of ESI and year-on-year GDP growth. The obtained results show that the highest weights are assigned to the response balances of industrial sector questions, followed by questions from the retail trade sector. This comes as no surprise since the existing literature shows that the industrial production is a plausible proxy for the overall Croatian economic activity and since Croatian GDP is largely influenced by the aggregate personal consumption.

Keywords: Business and Consumer Survey, Economic Sentiment Indicator, Leading Indicator, Nonlinear Optimization with Constraints.

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Authors: Md. Sayeed Salam

Abstract:

This paper presents an efficient emission constrained economic dispatch algorithm that deals with nonlinear cost function and constraints. It is then incorporated into the dynamic programming based hydrothermal coordination program. The program has been tested on a practical utility system having 32 thermal and 12 hydro generating units. Test results show that a slight increase in production cost causes a substantial reduction in emission.

Keywords: Emission constraint, Hydrothermal coordination, and Economic dispatch algorithm.

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Authors: Deng Tingting

Abstract:

The coordinated and integrated development of regions is an inevitable requirement for China to move towards high-quality sustainable development. As one of the regions with the best economic foundation and the strongest economic strength in the western China, it is a typical area with national importance and strong network connection characteristics in terms of the comprehensive effect of linking the inland hinterland and connecting the western and national urban networks. The integrated development of the Chengdu-Chongqing economic circle is of great strategic significance for the rapid and high-quality development of the western region. In the context of new urbanization, this paper takes 16 urban units within the economic circle as the research object, based on the 5-year panel data of population, regional economy and spatial construction and development from 2016 to 2020, using the entropy method and Theil index to analyze the three target layers, and cause analysis. The research shows that there are temporal and spatial differences in the Chengdu-Chongqing economic circle, and there are significant differences between the core city and the surrounding cities. Therefore, by reforming and innovating the regional coordinated development mechanism, breaking administrative barriers, and strengthening the "polar nucleus" radiation function to release the driving force for economic development, especially in the gully areas of economic development belts, will not only promote the coordinated development of internal regions, but also promote the coordinated and sustainable development of the western region and toward a high-quality development path.

Keywords: Chengdu-Chongqing economic circle, new urbanization, coordinated regional development, Theil Index.

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Authors: Usa Sutthisakorn, Samchai Jirapatarasil

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This paper aims to present knowledge management for solving economic problem and poverty in Thai community. A community in Thailand is studied as a case study for master plan or social and economic plan which derived form the research people conducted by themselves in their community. The result shows that community uses knowledge management in recording income and expense, analyzing their consumption, and then systematic planning of the production, distribution and consumption in the community. Besides, community enterprises, that people create as the by-products of master plan, can facilitate diverse economic activities which are able to reduce economic problem and poverty. The knowledge that people gain from solving their problem through building community enterprises are both tacit and explicit knowledge. Four styles of knowledge conversion: socialization,externalization, combination and internalization, are used. Besides, knowledge sharing inside the organization, between organizations and its environment are found. Keywordsknowledge management, community enterprise, Thailand.

Keywords: knowledge management, community enterprise, Thailand

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Authors: Zohreh Bang Tavakoli, Shuktika Chatterjee

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This study investigates the fiscal policy impact on countries’ economic growth in developing countries with a different external debt level. The fiscal policy effectiveness has been re-emphasized in the global financial crisis of 2008 with the external debt as its new contemporary driver. Different theories have proposed the economic consequence of fiscal policy, specifically for developing countries. However, fiscal policy literature is lacking research regarding the fiscal policy’s effectiveness with the external debt’s contributions through comprehensive study. Also, high levels of external debt will influence economic growth. Through foreign resources and channel of investment in which high level of debt decreases the amount of foreign investment in the developing countries. The finding of this study suggests that only countries with a low external debt level and appropriate fiscal policies and good quality institutions can gain the proper quantity and quality of foreign investors in which will help the economic growth. For this, this research is examining the impact of fiscal policy on developing countries' economic growth in the situation of different external debt levels.

Keywords: fiscal policy, external debt, gross domestic product, developing countries

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