Page 34 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.73, # 1, 2016, pp. 4-37

Such results may be obtained by developing the models of the balanced
economic growth of Keynes, Friedman, and Mandell - Fleming. Thus, it is not a
complicated task to prove the following equations that link your obtained results,
shown in the Table, with the equilibrium models of monetarism:
-

where velocity of money mass circulation (М), defined via the nominal GDP
which is NGDP (vn);
–

velocity of money mass circulation (М), defined via the gross output ск-X
(vx);
–

the coefficient is defined by the ratio of the nominal GDP to the interim
product (QP);
–
gross output may be represented as the sum of the nominal GDP and the
interim product;
-

where = QP/M – velocity of the circulation of money mass, defined as the
interim product.
However, now, under the modern conditions of the globalization of the world
economy, only the revisited currency- and- fiscal system may serve the basis of
ensuring the sustainable management of capital, in the form of money, and capital,
in the form of goods.
In this regard, not only the theory of the monetary policy, but also other
models of economic management fall back behind the practices of measuring the
indicators of economic growth, which is used by the three indicators: nominal GDP
– NGDP, the real GDP by the purchasing power parity (PPP) of the national
currency units of world‘s countries relative to the US dollar.
If the PPP of national currency units of world countries have been defined for
each country as somewhat set, according to market economy laws, then the basis for
calculating the SDR may be the following formula, which contradicts the all-
methodology principles of the IMF, by the definition of the international reserve
currency:

рр( СДР, t)   i n [ pp )1(  NGDP )1( NGDP( i) n)  NGDP( n)]
    
 i 1
pp(

34