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Business and Economics
Abstract
This paper explores the application of populism within the economic and political landscape of Ukraine under President Volodymyr Zelensky. Unlike traditional populist frameworks that may lean towards either left or right-wing economic policies, Zelensky's populism emerges as a hybrid model adapted to Ukraine's complex socio-political environment. By leveraging a centrist populist narrative, Zelensky sought to dismantle oligarchic influence, restore public trust, and implement broad economic reforms. The study critically examines how his populist rhetoric, initially focused on anti-elite and anti-corruption themes, transitioned under the pressures of governance and crisis, especially in light of the 2022 Russian invasion. Through a mix of qualitative and quantitative analysis, this research assesses Zelensky's policy decisions within the populist framework, highlighting both achievements and limitations. Ultimately, the findings reveal the adaptability of populist rhetoric in crisis and its constraints within entrenched political and economic systems. This analysis contributes to a nuanced understanding of how populist leadership can serve as a flexible, yet sometimes conflicting, strategy in achieving governance and reform in post-Soviet states.
Abstract
Although the Feldstein-Horioka (1980) puzzle has been one of the most widely discussed problems in macroeconomics literature, long-run evidence regarding the validity of the Puzzle is missing. To extend the existing literature, we revisit the Puzzle for the case of the United Kingdom (UK) using data that covers almost two centuries, 1830–2016. We analyze the data using conventional and novel econometric methods to capture the stochastic properties of the variables and ensure robustness. To this end, well-known autoregressive distributed lag (ARDL) and recently developed nonlinear ARDL and Fourier ARDL (FARDL) models are implemented. The coefficients derived from the ARDL, NARDL, and FARDL are 0.58, 0.64, and 0.56, respectively. All results show a long-term relationship between investment and savings rates in the UK. The obtained empirical results indicate that even in the long run, there is evidence for the existence of the Puzzle.
