Environmentally related taxes and their influence on decarbonization of the economy
-
Received January 25, 2024;Accepted May 10, 2024;Published June 3, 2024
-
Author(s)Link to ORCID Index: https://orcid.org/0000-0002-4159-8446Link to ORCID Index: https://orcid.org/0000-0001-7525-2104Link to ORCID Index: https://orcid.org/0000-0002-4691-636XLink to ORCID Index: https://orcid.org/0000-0001-8584-3338Link to ORCID Index: https://orcid.org/0000-0003-2540-862X
-
DOIhttp://dx.doi.org/10.21511/ee.15(1).2024.13
-
Article InfoVolume 15 2024, Issue #1, pp. 174-189
- TO CITE АНОТАЦІЯ
-
Cited by2 articlesJournal title: E3S Web of ConferencesArticle title: Prospects for financing measures for post-war environmental restoration in UkraineDOI: 10.1051/e3sconf/202455801033Volume: 558 / Issue: / First page: 01033 / Year: 2024Contributors: Nadiia Davydenko, Zoia Titenko, Olena Lemishko, Inna Demianenko, Y. Kazançoğlu, S. Karamperidis, S. Jagtap, V. KovalJournal title: Економіка та суспільствоArticle title: ПОДАТКОВІ ІНСТРУМЕНТИ РЕГУЛЮВАННЯ ЕКОНОМІЧНОГО РОЗВИТКУDOI: 10.32782/2524-0072/2024-65-34Volume: / Issue: 65 / First page: / Year: 2024Contributors: Тетяна Канєва, Руслан Тесля
- 231 Views
-
59 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
Environmental taxes ensure sustainable development, but their fiscal and environmental effectiveness differs for countries with different socio-economic characteristics. This study aims to compare the impact of environmental tax revenues on economy’s decarbonization (measured through carbon productivity – the ratio of GDP to carbon dioxide emissions) in different countries, considering their green technologies development and carbon emissions. The paper analyzed OECD and World Bank statistical data for 38 OECD countries for 2002–2021 using linear panel regression models with fixed and random effects (using Hausman test and STATA 18). To identify explicit and latent patterns of this influence, which are common to certain countries, this analysis did not consider each country separately but targeted clusters, distinguished by Ward and Sturges methods based on the effective tax rate on carbon emissions, total environmental tax revenues, total carbon emissions, and carbon productivity. The positive influence of environmental tax revenues on the economy’s decarbonization level has been confirmed for 29 countries (four from six clusters). The effect is the largest for the USA (an increase in tax revenues by 1% leads to an increase in carbon productivity by 0.9% on average) and the smallest – for the cluster including Austria, Belgium, Canada, Costa Rica, Czechia, Estonia, France, Germany, Hungary, Iceland, Korea, Lithuania, New Zealand, Poland, Portugal, Slovakia, Spain, and the Great Britain (increase – 0.1%). The negative impact was confirmed for nine countries (two from six clusters): Denmark, Finland, Israel, Latvia, and Sweden (decrease – 0.3%) and Greece, Italy, the Netherlands, and Slovenia (decrease – 0.21%).
- Keywords
-
JEL Classification (Paper profile tab)H23, O44, Q56
-
References88
-
Tables6
-
Figures5
-
- Figure 1. Comparative analysis of ECR in OECD member countries in 2021
- Figure 2. Rating of OECD member countries according to Carbon Productivity in 2021
- Figure 3. Dendrogram for Ward link cluster analysis
- Figure 4. Descriptive characteristics of cluster analysis
- Figure 5. Results of Hausman test to determine the specification of linear regression model for countries panel of the first cluster
-
- Table 1. Normalized input data
- Table 2. The country’s distribution in the formed clusters
- Table 3. Generalized results of country clustering
- Table 4. Linear regression model with fixed effects for countries panel of cluster 1
- Table 5. Linear regression model with random effects for countries panel of cluster 1
- Table 6. The generalized results of the regression analysis to confirm the impact of environmentally related taxes (Environmentally Related Tax Revenue) on the decarbonization of the economy (Carbon Productivity)
-
- Allison, P. D. (2009). Fixed effects regression models. Newbury Park, CA: Sage.
- Artyukhova, N., Tiutiunyk, I., Bogacki, S., Wołowiec, T., Dluhopolskyi, O., & Kovalenko, Y. (2022). Scenario modeling of energy policies for sustainable development. Energies, 15(20), Article 7711.
- Baltagi, B. H. (2013). Econometric analysis of panel data (5th ed.). Chichester, UK: Wiley.
- Bhandari, M. P. (2023). The fundamental principles of social sciences. Business Ethics and Leadership, 7(2), 73-86.
- Bilan, Y., Srovnalã-KovÃi, P., Streimikis, J., Lyeonov, S., Tiutiunyk, I., & Humenna, Y. (2020). From shadow economy to lower carbon intensity: Theory and evidence. International Journal of Global Environmental Issues, 19(1-3), 196-216.
- Blank, B. E. (Ed.) (2016). Data – Numerical. In Elementary Statistics (pp. 35-70). First President University Press.
- Boiko, S., Nehrey, M., Davydenko, N., & Karbivskyi, V. (2023). Tax sustainability in Ukraine: A case of agricultural companies. Economies, 11(1), Article 6.
- Bozhenko, V., Buriak, A., Bozhenko, A., & Roienko, O. (2023). Transparency and corruption prevention in financing climate action. Financial Markets, Institutions and Risks, 7(2), 88-94.
- Burns, A., Jooste, C., & Schwerhoff, G. (2021). Climate modeling for macroeconomic policy: A case study for Pakistan (Policy Research Working Paper No. 9780). Washington, DC: World Bank.
- Chygryn, O., & Shevchenko, K. (2023). Energy industry development: Key trends and the core determinants. SocioEconomic Challenges, 7(1), 115-128.
- Chygryn, O., Bektas, C., & Havrylenko, O. (2023). Innovation and management of smart transformation global energy sector: Systematic literature review. Business Ethics and Leadership, 7(1), 105-112.
- Criqui, P., Jaccard, M., & Sterner, T. (2019). Carbon taxation: A tale of three countries. Sustainability, 11(20), Article 6280.
- D’Arcangelo, F., Levin, I., Pagani, A., Pisu, M., & Johansson, A. (2022). A framework to decarbonise the economy (OECD Economic Policy Papers No. 31). Paris: OECD Publishing.
- Davydenko, N., Titenko, Z., Koval, V., & Buriak, A. (2023). Fiscal regulation policy and financial incentives impact on the environmental management. IOP Conference Series: Earth and Environmental Science, 1269.
- Davydenko, N., Titenko, Z., Shevchuk K., & Buriak, A. (2022). Environmental taxation: Ukrainian realities and European practice. WSEAS Transactions on Business and Economics, 19, 1948-1955.
- Didenko, I., Volik, K., Vasylieva, T., Lyeonov, S., & Antoniuk, N. (2020). Migration, environment, and country safety: Analysis of touchpoints. E3S Web of Conferences, 202.
- Didenko, I., Volik, K., Vasylieva, T., Lyeonov, S., & Antoniuk, N. (2021). Environmental migration and country security: Theoretical analysis and empirical research. E3S Web of Conferences, 234.
- Doğan, B., Chu, L., Ghosh, S., Diep Truong, H. H., & Balsalobre-Lorente, D. (2022). How are environmental tax and carbon emissions are related in the G7 economies? Renewable Energy, 187(1), 645-656.
- Dorband, I., Jakob, M., Steckel, J. C., & Ward, H. (2022). Double progressivity of infrastructure financing through carbon pricing — Insights from Nigeria. World Development Sustainability, 1, Article 100011.
- Gentsoudi, V. (2023). The impact of effective leadership on public sector’s financial instruments: Empirical evidence from Greece. Business Ethics and Leadership, 7(2), 47-54.
- Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251-1271.
- Heine, D., & Black, S. (Eds.). (2018). Benefits beyond climate: Environmental tax reform. In Fiscal Policies for Development and Climate Action (pp. 1-63). World Bank Group.
- IMF. (n.d.). Environmental Taxes. IMF Climate Change Dashboard.
- Kamalu, K., & Binti Wan Ibrahim, W. H. (2023). Towards full decarbonization: Does environmental tax and renewable energy matters in developing countries? Journal of Environmental Economics and Policy.
- Kaufman, L., & Rousseeuw, P. J. (1990). Finding groups in data: An introduction to cluster analysis. New York: Wiley.
- Koval, V., Fostolovych, V., Kubai, O., Tkachyk, F., Prystupa, L., & Laktionova, О. (2023). Financial outsourcing in the analysis of environmental fiscal revenue management. Financial and Credit Activity Problems of Theory and Practice, 6(53), 112-127.
- Kurbatova, T., Sidortsov, R., Sotnyk, I., Telizhenko, O., Skibina, T., & Roubík, H. (2019). Gain without pain: an international case for a tradable green certificates system to foster renewable energy development in Ukraine. Problems and Perspectives in Management, 17(3), 464-476.
- Kuzior, A. (2010). Polish and German experiences in planning and implementation of sustainable development. Problems of Sustainable Development, 5(1), 81-89.
- Kuzior, A., & Lobanova, A. (2020). Tools of information and communication technologies in ecological marketing under conditions of sustainable development in industrial regions (Through examples of Poland and Ukraine). Journal of Risk and Financial Management, 13(10), Article 238.
- Kuzior, A., Lobanova, A., & Kalashnikova, L. (2021). Green energy in Ukraine: State, public demands, and trends. Energies, 14(22), Article 7745.
- Kuzior, A., Pidorycheva, I., Liashenko, V, Shevtsova, H., & Shvets, N. (2022a). Assessment of national innovation ecosystems of the EU countries and Ukraine in the interests of their sustainable development. Sustainability, 14(14), Article 8487.
- Kuzior, A., Postrzednik-Lotko, K. A., & Postrzednik, S. (2022b). Limiting of carbon dioxide emissions through rational management of pro-ecological activities in the context of CSR assumptions. Energies, 15(5), Article 1825.
- Kwilinski, A., Dobrovolska, O., Wołowiec, T., Cwynar, W., Didenko, I., Artyukhov, A., Dluhopolskyi, O. (2024). Carbon dioxide, nitrous oxide, and methane: What types of greenhouse gases are most affected by green investments and renewable energy development? Energies, 17(4), Article 804.
- Leonov, S., Tiutiunyk, I., Vasekova, M., Dziubenko, O., & Samchyk, M. (2022). Tax, investment, institutional and social channels of economic shadowing: Challenges for macro-financial stability and good governance. Public and Municipal Finance, 11(1), 128-141.
- Letunovska, N., Saher, L., Vasylieva, T., & Lieonov, S. (2021). Dependence of public health on energy consumption: A cross-regional analysis. E3S Web of Conferences, 250.
- Lyeonov, S., Pimonenko, T., Chygryn, O., Reznik, O., & Gaynulina, R. (2021). Green brand as a marketing instrument: Principle, features, and parameters. International Journal of Global Energy Issues, 43(2-3), 147-165.
- Matvieieva, Yu., & Hamida, H. B. (2022). Modelling and forecasting energy efficiency impact on the human health. Health Economics and Management Review, 3(2), 78-85.
- Matvieieva, Yu., Sulym, V., Rosokhata, A., & Jasnikowski, A. (2023). Influence of waste incineration and obtaining energy from it to the public health for certain territories: A bibliometric and substantive study. Health Economics and Management Review, 4(1), 71-80.
- Mazurenko, O., Tiutiunyk, I., Cherba, V., Artyukhov, A., & Yehorova, Y. (2023a). Shadow tax evasion and its impact on the competitiveness of the country’s tax system. Public and Municipal Finance, 12(2), 129-142.
- Mazurenko, O., Tiutiunyk, I., Grytsyshen, D., Daňo, F., Artyukhov, A., & Rehak, R. (2023b). Good governance: Role in the coherence of tax competition and shadow economy. Problems and Perspectives in Management, 21(4), 757-770.
- Melnyk, L. G., & Kubatko, O. V. (2012). Economic valuation of environmental goods and services in Ukraine. Actual Problems of Economics, 138(12), 106-112.
- Melnyk, L. G., & Kubatko, O. V. (2013). The EU experience in economic systems adaptation to resource fluctuations through stimulation of green innovations. Actual Problems of Economics, 150(12), 36-42.
- Melnyk, L. G., Kubatko, O. V., & Kubatko, O. V. (2016). Were Ukrainian regions too different to start interregional confrontation: Economic, social, and ecological convergence aspects? Economic Research-Ekonomska Istrazivanja, 29(1), 573-582.
- Mentel, G., Vasilyeva, T., Samusevych, Y., & Pryymenko, S. (2018). Regional differentiation of electricity prices: Social-equitable approach. International Journal of Environmental Technology and Management, 21(5-6), 354-372.
- Naseer, M., Bagh, T., & Iftikhar, K. (2023). Firm’s climate change risk and firm value: An empirical analysis of the energy industry. Financial Markets, Institutions and Risks, 7(2), 1-11.
- Njegovanović, A. (2023). Financial evolution and interdisciplinary research. Financial Markets, Institutions and Risks, 7(1), 71-95.
- Oe, H., & Yamaoka, Y. (2023). The impact of the digital environment on eco-friendly behavioural change towards nature: Exploring the concept of forest bathing without forest. SocioEconomic Challenges, 7(3), 76-93.
- Oe, H., Yamaoka, Y., & Sartamorn, S. (2023). Research on residents’ intention to settle and the mediating effect of green policy leadership. Health Economics and Management Review, 4(4), 48-57.
- OECD. (2017). Carbon productivity. In Green Growth Indicators. Paris: OECD Publishing.
- OECD. (2021). Effective Carbon Rates 2021. Pricing Carbon Emissions through Taxes and Emissions Trading. Paris: OECD Publishing.
- OECD. (n.d.a). Carbon Dioxide Emission. Database.
- OECD. (n.d.b). Effective Carbon Rates. Database.
- OECD. (n.d.c). Environmentally Related Tax Revenue. All tax bases.
- OECD. (n.d.d). Patent indicators. Environment-related technologies. Database.
- OECD. (n.d.e). Tax and the environment. OECD Better Policies for Better Lives.
- Olaniyan, S. O., & Adepeju, M.B. (2023). Leadership of small and medium scale enterprises (SMEs), inflation and economics development in Nigeria (1981–2021). Business Ethics and Leadership, 7(3), 73-83.
- Oliinyk, Y., Kucheriava, M., Korytnyk, L., Dmytrenko, T., Kuzminska, O., & Lagunov, K. (2023). Development of information support for fiscal risk management within crises. Financial and Credit Activity Problems of Theory and Practice, 6(53), 432-450.
- Pakhnenko, O., & Kuan, Z. (2023). Ethics of digital innovation in public administration. Business Ethics and Leadership, 7(1), 113-121.
- Parry, I. W.H. (2015). Implementing a US Carbon Tax. Challenges and Debates. New York, United States: Routledge.
- Patel, S., Kasztelnik, K., & Zelihic, M. (2023). Global overview of modern financing typologies to mitigate financial risks in developed countries. SocioEconomic Challenges, 7(2), 54-66.
- Rafique, M. Z., Fareed, Z., Ferraz, D., Ikram, M., & Huang, S. (2022). Exploring the heterogenous impacts of environmental taxes on environmental footprints: An empirical assessment from developed economies. Energy, 238(A), Article 121753.
- Schunck, R. (2013). Within and between estimates in random-effects models: Advantages and drawbacks of correlated random effects and hybrid models. The Stata Journal, 13(1), 65-76.
- Scott, D. W. (2009). Sturges’ rule. Wiley Interdisciplinary Reviews: Computational Statistics, 1(3), 303-306.
- Singh, S. N., & Pandey, A. (2023). Accomplishing sustainable development goals in India: A systematic literature review. Financial Markets, Institutions and Risks, 7(2), 80-87.
- Skowron, Ł., Chygryn, O., Gąsior, M., Koibichuk, V., Lyeonov, S., Drozd, S., & Dluhopolskyi, O. (2023). Interconnection between the dynamic of growing renewable energy production and the level of CO2 emissions: A multistage approach for modeling. Sustainability, 15(12), Article 9473.
- Sotnyk, I. M. (2012). Trends and problems in management of production and consumption dematerialization. Actual Problems of Economics, 134(8), 62-67. (In Ukrainian).
- Sotnyk, I. M. (2016). Energy efficiency of Ukrainian economy: Problems and prospects of achievement with the help of ESCOs. Actual Problems of Economics, 175(1), 192-199.
- Starchenko, L., Lyeonov, S., Vasylieva, T., Pimonenko, T., & Lyulyov, O. (2021). Environmental management and green brand for sustainable entrepreneurship. E3S Web of Conferences, 234.
- Stata. (n.d.a). Cluster dendogram – Dendrograms for hierarchical cluster analysis. Stata Manuals.
- Stata. (n.d.b). Cluster linkage – Hierarchical cluster analysis. Stata Manuals.
- Storonyanska, I., Patytska, K., Medynska, T., Benovska, L., Kliuchnyk, L., & Nestor, O. (2023). Systemic prerequisites for shaping the local budgets’ tax revenue: the case study of developed countries. Financial and Credit Activity Problems of Theory and Practice, 6(53), 58-69.
- Timilsina, G., Dissou, Y., Toman, M., & Heine, D. (2021). Carbon tax in an economy with informality: A computable general equilibrium analysis for Cote d’Ivoire (Policy Research Working Paper No. 9710). Washington, DC: World Bank.
- Titenko, Z., Davydenko, N., Smirnova, O., & Shevchuk, K. (2023). Ensuring rational natural use through effective taxation. IOP Conference Series: Earth and Environmental Science, 1269.
- Tiutiunyk, I., Taranenko, V., Mazurenko, O., Artyukhov, A., & Yehorova, Y. (2023). International tax competition as an element of the country’s marketing strategy. Innovative Marketing, 19(4), 297-309.
- Tiutiunyk, І., Mazurenko, О., Spodin, S., Volynets, R., & Hladkovskyi, M. (2022). The nexus between international tax competitiveness and the shadow economy: A cross-countries analysis. Financial and Credit Activity Problems of Theory and Practice, 1(42), 196-205.
- UN. (2015). Paris Agreement.
- Vakulenko, I., Saher, L., & Shymoshenko, A. (2023). Systematic literature review of carbon-neutral economy concept. SocioEconomic Challenges, 7(1), 139-148.
- Vasylieva, T., Machová, V., & Vysochyna, A., Podgórska, J., & Samusevych, Y. (2020). Setting up architecture for environmental tax system under certain socio-economic conditions. Journal of International Studies, 13(4), 273-285.
- Vostrykov, P., & Jura, A. (2022). Environmental taxes impact for the population health protection: Cross-country analysis. Health Economics and Management Review, 3(4), 35-45.
- Vytvytska, O., Kaliuha, Y., Volodin, S., Rebilas, R., Bodnar, O., & Hryshchuk, H. (2023). Taxation as part of the accounting policy of small enterprises. Financial and Credit Activity Problems of Theory and Practice, 6(53), 70-81.
- Ward, J. H., Jr. (1963). Hierarchical grouping to optimize an objective function. Journal of the American Statistical Association, 58(301), 236-244.
- World Bank. (n.d). GDP (current USD). Database.
- Youssef, A. B., Dahmani, M., & Mabrouki, M. (2023). The impact of environmentally related taxes and productive capacities on climate change: Insights from European economic area countries. Environmental Science and Pollution Research, 30(44), 99900-99912.
- Ziabina, Y., & Acheampong, S. (2023). Financial component of the waste management system. Financial Markets, Institutions and Risks, 7(2), 46-55.
- Ziabina, Y., Iskakov, A., & Senyah, M. M. (2023a). Waste management system: Key determinants of green development and energy balance transformation. SocioEconomic Challenges, 7(2), 161-172.
- Ziabina, Y., Khomenko, L., & Osei Owusu, E. K. (2023b). Analysis of accidental transmission impacts in the chain “waste management system – public health”. Health Economics and Management Review, 4(2), 74-82.
- Zolkover, A., Tiutiunyk, I., Babenko, V., Melnychuk, M., Ivanchenkova, L., & Lagodiienko, N. (2022). The quality of tax administration, macroeconomic stability and economic growth: Assessment and interaction. Review of Economics and Finance, 20, 654-661.
- Zomchak, L., & Nehrey, M. (2022). Economic growth and capital investment: The empirical evidence. In Z. Hu, Q. Zhang, S. Petoukhov, & M. He (Eds.), Advances in Artificial Systems for Logistics Engineering (pp. 645-652). Cham: Springer.
-
-
Conceptualization
Olena Dobrovolska, Swen Günther, Olga Chernetska, Natalia Dubrova, Svitlana Kachula
-
Data curation
Olena Dobrovolska, Olga Chernetska
-
Formal Analysis
Olena Dobrovolska, Swen Günther
-
Funding acquisition
Olena Dobrovolska, Natalia Dubrova, Svitlana Kachula
-
Investigation
Olena Dobrovolska, Olga Chernetska
-
Methodology
Olena Dobrovolska, Swen Günther, Svitlana Kachula
-
Project administration
Olena Dobrovolska, Swen Günther, Svitlana Kachula
-
Resources
Olena Dobrovolska, Olga Chernetska, Natalia Dubrova
-
Software
Olena Dobrovolska, Natalia Dubrova
-
Supervision
Olena Dobrovolska, Swen Günther, Svitlana Kachula
-
Validation
Olena Dobrovolska, Olga Chernetska
-
Visualization
Olena Dobrovolska, Swen Günther, Natalia Dubrova, Svitlana Kachula
-
Writing – original draft
Olena Dobrovolska, Swen Günther, Olga Chernetska, Natalia Dubrova, Svitlana Kachula
-
Writing – review & editing
Olena Dobrovolska, Swen Günther, Olga Chernetska, Natalia Dubrova, Svitlana Kachula
-
Conceptualization
-
Fair market value of bitcoin: halving effect
Investment Management and Financial Innovations Volume 16, 2019 Issue #4 pp. 72-85 Views: 3882 Downloads: 1042 TO CITE АНОТАЦІЯThe purpose of this article is to analyze the effect that halving has on the fair market value of bitcoins. The main hypothesis of the study is that the decline in the cost of miners’ remuneration for mining is a significant factor that affects the price of cryptocurrencies. The article examines the factors that regulate the issuing process. The significance of a limited supply of bitcoin is detailed in the article, as well as the mechanism for the implementation of the issue of new bitcoins. The study compares the historical inflation data of the US dollar and the projected data on the inflation of bitcoin. The article analyzes the main technical element of cryptocurrency – halving – when the miner’s reward is halved. This analysis includes the mathematical methods of statistical data processing. Research results show that reducing remuneration by half every four years leads to an increased market value of the cryptocurrency. This relationship is clearly illustrated by the Kendall rank correlation method. The results of the study can have a significant impact on the fundamental assessment of bitcoin and can also enable investors to assess any of the existing and operating cryptocurrencies according to this method.
-
Inflation and economic growth: the search for a compromise for the Central Bank's monetary policy
Volodymyr Mishchenko , Svitlana Naumenkova , Svitlana Mishchenko , Viktor Ivanov doi: http://dx.doi.org/10.21511/bbs.13(2).2018.13Banks and Bank Systems Volume 13, 2018 Issue #2 pp. 153-163 Views: 2433 Downloads: 705 TO CITE АНОТАЦІЯThe article analyzes the influence of inflation on economic growth and substantiates the main directions of increasing the effectiveness of the central bank's anti-inflation policy.
In order to determine the limit of inflation, the excess of which has a negative impact on the economic growth, the relationship is analyzed between the inflation rate and the real GDP growth rate on the basis of IMF statistics using the example of 158 countries. It was determined that in 2010–2017, in the global economy, the 6.0% inflation was the marginal value of the inflation rate, beyond which the economic growth rate declined or slowed down.
Given the inverse relationship between the inflation rate and the real GDP growth rates as well as empirical calculations for the period 1996–2017, the threshold for inflation rate for Ukraine at the level of 4.51% was determined based on empirical calculations for the 1996–2017 period. The results indicate that the National Bank of Ukraine set the inflation target above the level of the calculated threshold inflation.
It has also been established that the link between the rates of nominal GDP growth, as opposed to real GDP, and the inflation rate, is more direct and more tight. It is substantiated that to analyze such dependence it is better to use GDP deflator instead of CPI. The results indicate that deflation constrains economic growth much less than inflation.
In order to increase the effectiveness of the central bank’s pro-cyclical monetary policy aimed at supporting economic growth, the relationship between the rates of real GDP growth and the indicator characterizing the gap between the growth rates of M3 and inflation, which actually reflects the real money supply dynamics, is determined. The results obtained allowed to conclude that in 2009 and 2014-2017, the artificial “squeezing” of the money supply took place in Ukraine, resulting in a decrease in the level of the economy monetization by 22.0% in 2017 compared to 2013.
It has been proved that in order to minimize the negative impact of inflationary processes on economic growth, the policy of the National Bank of Ukraine should be aimed at eliminating the artificial squeezing of the money supply through a reasonable increase in the economy monetization and the implementation of an effective monetary policy. -
Role of travel and tourism sector in the attainment of Vision 2030 in Saudi Arabia: An analytical study
Problems and Perspectives in Management Volume 19, 2021 Issue #2 pp. 276-290 Views: 2367 Downloads: 465 TO CITE АНОТАЦІЯTourism is the main service industry significantly developing in the world. It is recognized as the critical factor in economic improvement in various countries. Saudi Arabia is one of the oldest and most famous spots for pilgrimage tourism due to its Islamic heritage. The study analyzes data available on the websites of the Saudi government to specify the contribution of travel and tourism revenue to the economy and its trend, occupancy of residential, and transportation capacity. A tourism satisfaction questionnaire was administered online to get the responses of Saudi nationals and residents related to tourism infrastructure, facilities, and other tourism services in Saudi Arabia. Ranks and percentage analysis were applied to get the relational satisfaction of tourists. Index numbers, ratios, percentages, and coefficient of variations were applied to get the trend, yearly fluctuations, variations, weights, and contribution of tourism avenues. There is a positive but low degree correlation between tourism revenue and the GDP of Saudi Arabia for the period from 2010 to 2018. The results indicate either negative or negligibly positive revenue growth of the accommodation/hotel services, food services, and air transportation. Two-thirds of tourists are either strongly satisfied or satisfied with essential and other tourism services and facilities in Saudi Arabia. Apart from tourist satisfaction, the Saudi government may consider a variety of services as per the economic level of the targeted tourists, and softening of visiting visa procedures and fees to enhance tourism revenue of major contributors for the positive and progressive development to the economy.
Acknowledgment
The authors would like to thank the Deanship of Scientific Research, Prince Sattam Bin Abdulaziz University, Alkharj, Saudi Arabia, for providing financial support to complete this project (Project No: 2020/02/16978).