While the Slovak Republic is not one of the traditional immigration destinations, in recent years, the situation has changed. The current paper aims to analyse the migration processes in the Slovak Republic and identify the determinants for immigration. The results show that during the last three decades, the accession to the European Union and Schengen area affected the migration patterns in Slovakia the most. One of the crucial determinants causing labour migration to the country is the domestic labour demand and labour shortage due to emigration flows. While the COVID-19 pandemic didn't significantly influence the migration processes in the country, the restrictive measures are affecting the employment of foreigners. On the other hand, the Russian-Ukrainian conflict has caused unprecedented immigration flows to the country. The latter calls for a modernisation of immigration and integration policies that will lead to a more efficient labour market and sustainable economic growth in the Slovak Republic. Creating an Immigration and Naturalization Office aiming to bring together all migration processing and provision of related services is a necessary step forward in migration policy management. This article focuses on the migration developments shaping the migration policy in Slovakia in the near future and provides policy recommendations.

Macroeconomic policy in Armenia over the past 30 years has led to a slowdown in economic growth. This, in turn, entails the need to revise approaches to macroeconomic regulation, as well as to search for key drivers of economic growth, which the state should emphasize in the future macroeconomic policy. The aim of this research is to analyze and assess the main drivers of economic growth in Armenia. We have employed the methods of statistical and comparative analysis, deductive analysis, as well as the analysis of historical data and the current state of the problem. The paper examines the key drivers of economic growth in Armenia, as well as periods of both a stable macroeconomic environment and economic crises, from the point of view of the efficiency and optimality of macroeconomic regulation. The current study identifies the most important sectors of the economy, analyses macroeconomic policy regulation in Armenia, and assesses the impact of such policies on economic growth in the country. The results show that today’s macroeconomic regulation can be considered ineffective, which certainly has a negative effect on the rate of economic growth. The key conclusion of the research is the thesis that it is urgent to develop new socio-economic policy approaches to ensure sustainable economic growth in the future and to emerge quickly from future economic growth crises without restricting or halting economic activity.

Usually, it is diffcult for developing countries to choose a currency regulation policy because of institutional inadequacy, including a signifcant level of concentration in commodity markets, and a high degree of dependence of the national market and fnancial system on exogenous factors and a huge external debt. This article is dedicated to the analysis and evaluation of key factors affecting the formation of the Armenian national currency (dram) exchange rate, as well as to the choice of the currency regulation policy in Armenia. The authors carried out a statistical and econometric analysis of the factors of the foreign exchange rate formation, taking into account the specifcs of the transition economy as a whole, as well as the features of the Armenian economy, in particular. The authors have identifed the exogenous and endogenous factors of the foreign exchange rate formation of the dram, depending on the inflow and outflow of foreign currency. Further, the authors specifed the influence of dominant factors on the choice of the currency regulation policy in the country. The authors carried out an econometric analysis of the factors identifed at the frst stage of the study using the VAR model. The results obtained from this model proved the hypothesis of the non-market nature of the dram’s exchange rate formation. The authors concluded that the dram’s exchange rate formation has non-market nature because of signifcant intervention on the currency market by the “monetary authorities”. The key conclusion of this study is the thesis about the need to change the approaches to currency regulation in Armenia in favour of the transition to a free-floating exchange rate policy in order to stimulate sustainable rates of economic growth in the long term.

Fiscal policy plays a crucial role in ensuring economic growth and development in the country and overcoming economic recessions. The subject of the research is the tax system in the Republic of Armenia. The study aims to identify and assess the impact of the fiscal policy on economic growth in the Republic of Armenia. Since the global financial crisis of 2008, the Armenian economy has been in stagnation, reaching pre-crisis GDP levels only in 2018. Both theory and practice point to the ambiguous nature of the impact of fiscal policy on economic growth. At the same time, the 2020 crisis caused by the pandemic exacerbated the situation by focusing the attention of economists on fiscal policy to stimulate the real sector of the economy, which justifies the relevance of the current study. The paper’s novelty lies in assessing the impact of certain types of taxes on the economic growth rates in Armenia. To achieve the goal of the study, the authors use such methods as a comparative analysis of foreign studies and systemic and statistical analysis. To econometrically assess the impact of taxes on economic growth in the country, a vector autoregression (VAR) model was applied. As a result of the study, the authors found that both tax regulation in general and the individual taxes are restrictive in nature and have a negative impact on economic growth in the country. The authors conclude that such a restrictive policy has led to a slowdown in economic growth in the Republic of Armenia over the past decades

Статья посвящена рассмотрению анализа валютного регулирования в странах ЕАЭС с позиции гармонизации валютных политик в условиях экономической интеграции. Объектом исследования выступает валютное регулирование в странах евразийской интеграции. Основная гипотеза исследования заключается в том, что в настоящее время страны — участницы ЕАЭС не готовы к созданию валютной интеграции, что обусловлено наличием в экономиках множества искажений макроэкономического характера. В работе предпринимается попытка оценить возможность создания валютного союза посредством анализа и оценки ключевых критериев создания валютных интераций, известных в научной литературе. С этой целью приводится литературный обзор ключевых предпосылок валютной интеграции, в том числе с учетом имеющего опыта в странах еврозоны. Затем представлен анализ валютного регулирования в странах ЕАЭС с точки зрения соотвествия ключевым критериям валютной интеграции и дается оценка ключевых факторов валютной интеграции. Теоретической и методологической базой исследования являются классические и современные подходы в области денежно-кредитного и валютного регулирования. В частности, за основу были взяты изыскания современных аналитиков МВФ, крупнейших Центральных банков мира, известных специалистов в области монетарной политики. Результаты исследования показали нецелесообразность создания в настоящее время валютного союза в рамках евразийского экономического пространства. экономическая интеграция, валютный союз, валютное регулирование, ЕАЭС