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The economic authorities’ decisions not only influence the economy, but also induce interactions between economic authorities. The recent crisis has provided evidence that the fiscal policy significantly shapes the decisions of independent central banks responsible for ensuring price stability – the main objective of monetary policy. This mechanism, described by the fiscal theory of the price level, is not a new discovery, because it has been debated on since the 1990s. The fiscal theory of the price level holds t...

The import substitution policy, carried out both at federal and regional levels, today is one of the structural components of the Russia’s national and economic security ensuring policy. The work examines the effect of import substitution on economic growth of the Russian economy. Authors consider the nature and the role of import substitution, its effectiveness and reasons for implementation, as well as studies issues of imports policy formation of goods and services in the Russian economy under the conditions of...

Clear and correct understanding of phenomena would be impossible without taking into consideration existing context of its appearance existence and development. It is completely true when talking about processes on the Arabian Peninsula in the end of the 6th- early 7th centuries AD and the rise of Islam. As a matter of fact the available sources only shed some light on the problems but the final solution is possible after series of further investigations in the future which should have a multidisciplinary characte...

The goal of this paper is to describe and analyze the ‘Brexit’ and its potential impact on the United Kingdom and the European Union. Any discussion of a Brexit should be set against the backdrop of an increasingly convulsive European landscape. The merits and shortcomings of the European Union should be judged not in isolation, but through the lens of their implications upon a broader postwar European order that Britain has helped to build and sustain for nearly seven decades. US strategic retrenchment, Germany's...

In considering the issue of coordination between monetary policy and fiscal policy, or a lack of it, one has to take account of the so-called zero lower bound on nominal interest rates, also known as a zero-bound (ZLB) problem. The problem basically is that nominal interest rates cannot drop below zero. Many economists argue that a near-zero interest rate encourages fiscal stimulation that certainly has influence on the type of decisions made by the central bank. Some studies point to higher effectiveness of fisca...

Due to the fact that the innovation system integrates the set of many interconnections of subjects of property, and that subjects often have directed to one side interests, so the defining approach to the research of the issue of interaction of institutions and property should be the “integrated approach” to the issue of cooperation of subjects of property that is represented in the article. The innovation economy, submitting to quite certain patterns and well-defined laws, changed traditional ideas and concepts o...

Economic and social issues were together with migration crisis in Europe top issues of parliamentary election campaign in the Slovak Republic in 2015/2016. Relevant political parties performed their proposals for future social and economic orientation of the country. Ruling social democrats (DIRECTION-SD) called for fixing their social program and present new initiative in that area (in sense of deepening of current social program). On the other hand, small right (opposition) political parties emphasized the neces...