Progress in Economics Research. Volume 44

Progress in Economics Research. Volume 44 begins with an analysis of the influence of the economic crisis of the year 2008 on the consumption of 'affordable luxuries' through an examination of the sales and market performance of different product categories. Following this, the authors assess an approach for reshaping the institutional basis for regional economic progress inspired by ongoing national economic reforms in present-day Ukraine. The theoretical basis for conclusions is drawn from the modern theory of new institutionalism. An in-depth analysis of energy efficiency in the South Caucasus region is provided, identifying two basic problems: incompatible legislation and incompatible consumer tariffs. Continuing, this compilation reviews the de-risking experience of several Caribbean countries. Some considered solutions include utilizing the correspondent banking relationship of domestic Central Banks, strengthening domestic regulatory and legislative framework to reduce risk perception, and lobbying at the regional level to raise awareness. The authors also address the importance of public procurement in spending public funds, which has a high impact on the development of the private sector. The conclusion raises questions regarding whose GDP should be optimized in a global economy, whose employment level should be addressed, and how this new stage in world development will look.