ჟურნალი ეკონომისტი

EKONOMISTI
The international scientific and analytical, reviewed, printing and electronic journal of Paata Gugushvili Institute of Economics of Ivane Javakhishvili Tbilisi State University

DOI: 10.52340/EKONOMISTI

DOI: 10.36172/EKONOMISTI

E ISSN 2346-8432
Print ISSN 1987-6890

Journal number 3 ∘

Journal N3, 2026 content

Journal N3, 2026 შინაარსი - C O N T E N T
2026-08-21

Journal number 3 ∘ Tengiz Verulava ∘

Medical Staff Turnover in Healthcare Organizations: Organizational Factors and Strategies for Reduction

Expanded Summary Human resources are among the most important determinants of organizational effectiveness, service quality, and patient safety in modern healthcare systems. Healthcare organizations depend heavily on the professionalism, motivation, stability, and commitment of their medical personnel. For this reason, staff turnover in the healthcare sector should not be viewed merely as an administrative or human resource problem. It represents a broader organizational and economic challenge that directly affects institutional sustainability, continuity of care, and the quality of medical services. Turnover among medical personnel has become a serious concern for healthcare systems worldwide. The problem became particularly visible after the COVID-19 pandemic, when healthcare workers experienced increased workload, psychological pressure, professional burnout, and uncertainty. High staff turnover creates significant direct and indirect costs for healthcare institutions. Direct
2026-08-21

Journal number 3 ∘ Vakhtang Berulava ∘

Marketing–Sales Alignment and Its Link to Sales Growth in Georgian B2B Distributor SMEs

(Extended Abstract) The two main income-generating functions in most companies are marketing and sales. Yet for a long time these two functions operate as separate units both structurally and culturally, having different time horizons, performance metrics and professional outlooks. The academic literature suggests that the marketing sales alignment (MSA), which reflects the degree to which these functions share their goals, technology, processes, communications data and accountability for results, is directly related to shorter sales cycles, higher lead conversion rates and greater sales growth. However, these findings come mainly from developed Western markets. The evidence of the relationship between MSA and firm’s sales performance is relatively scarce for emerging economies. In Georgia, characterized by a rapidly developing private sector, uneven digital infrastructure and a relationship-based business culture, this relationship has not been studied previously. Yet
2026-08-21

Journal number 3 ∘ Ayan Ibragimovna Mirzayeva ∘

Factors Affecting the Formation of Revenues in the Tourism Sector: An Econometric Analysis Based on the Case of Azerbaijan Factors Affecting the Formation of Revenues in the Tourism Sector: An Econometric Analysis Based on the Case of Azerbaijan

Expanded Summary In the article, the impact of investments in the tourism sector of the Republic of Azerbaijan on the flow of foreign tourists and economic indicators of the sector is discussed. The purpose of the study is a quantitative assessment of the influence of capital invested in infrastructure, marketing and promotion of tourism, on the number of tourists and income of enterprises. The study used econometric regression models with dummy variables that take into account the impact of the COVID-19 pandemic. The results show that the increase in investment has a positive effect on tourist flows and income growth, while the pandemic reduces the TMG/UDM indicator by approximately 34%, demonstrating the sector\'s sensitivity to external shocks. The obtained results have practical significance from the point of view of the formation of strategic investment decisions and state policy in the tourism sector and create an analytical basis for long-term development. Keywords: tourism
2026-08-21

Journal number 3 ∘ Azar Amirov Azad ∘

Optimizing State-Directed Innovation Finance in a Fragmented Global Economy

Abstract State-directed credit expansions often trigger severe productivity losses through capital misallocation, a risk intensified by geoeconomic fragmentation. This study formulates a dual-pillar screening framework for state innovation finance: the first pillar disqualifies firms whose Altman Z-score falls in the intermediate Grey Zone; the second tests operational viability via a strict Free Cash Flow to Equity calculation. In a simulation of 500 industrial enterprises, the framework disqualified 207 conditionally approved firms, reallocating 64.7% of state credit from structurally weak incumbents toward productive entrepreneurial firms that drive total factor productivity and genuine R&D. Key Words: Capital misallocation, State-directed finance, Altman Z-score, Free Cash Flow to Equity, Zombie firms. Introduction Rising geopolitical tensions and the dismantling of integrated supply chains severely restrict cross-border technology diffusion, threatening global
2026-08-21

Journal number 3 ∘ Avaz Jeyhun Safarli ∘

ASSESSMENT OF THE RELATIONSHIP BETWEEN THE LEVEL OF DIGITAL TRANSFORMATION AND EMPLOYMENT INDICATORS (THE CASE OF AZERBAIJAN)

Annotation. The article assesses the relationship between the level of digital transformation and employment indicators in Azerbaijan for 2010-2024. The empirical basis of the study consists of official statistical yearbooks and electronic statistical tables of the State Statistical Committee of the Republic of Azerbaijan. A digital development index is constructed on the basis of internet use, mobile subscriptions, ICT output, and ICT value added. The results show that digital transformation is associated with employment growth, but its main effect is not a simple increase in the number of jobs; rather, it is the restructuring of employment, the growing importance of digital skills, and the expansion of technology-intensive work functions. Correlation and log-log estimation confirm a positive relationship between the digital development index and employment indicators, while the interpretation of the results is limited to association rather than strict causality. Keywords: digital
2026-08-21

Journal number 3 ∘ Javid P. Safarov ∘

Ensuring Macroeconomic Stability in Azerbaijan: Structural and Innovative Methods for Preventing Currency Crises

Annotation. his study examines the strategic evolution of macroeconomic management in the Republic of Azerbaijan, focusing on the protection of the national currency against exogenous shocks. The research introduces a “systemic triad” framework—comprising structural diversification, digital predictive signaling (AI/Big Data), and institutional-monetary regulation—to shift financial policy from reactive crisis management to proactive, multi-layered risk control. By analyzing the synergy between real-sector development (Agro-Industrial Complex, Middle Corridor, IT services) and advanced analytical monitoring, the paper provides a comprehensive roadmap for insulating the national economy from global volatility. The findings advocate for a robust, high-tech architectural approach that mitigates the risks of "Dutch disease," maximizes the efficiency of state reserves, and establishes a foundation for stable, long-term economic growth. Keywords: macroeconomic
2026-08-21

Journal number 2 ∘ Giorgi Nikuradze ∘

The Evolution of Economic Policy, 2010–2026, and Near-Term Prospects

DOI kodi: 10.52340/ekonomisti.2026.02.20 Extended Summary This article examines Georgia’s economic policy evolution during 2010–2026. It also assesses near-term policy prospects. The analysis focuses on external shocks, institutional adaptation, and changing development priorities. The central argument is clear. Georgian economic policy did not move linearly from crisis to stability. It evolved from post-crisis stabilization toward a wider transformation regime. Fiscal and monetary credibility remain essential. Yet they are no longer sufficient by themselves. By the mid-2020s, effectiveness depended on a broader policy mix. This mix includes competition policy, SOE governance, digital infrastructure, sustainable finance, logistics, energy policy, and sectoral coordination. Therefore, the article treats economic policy as institutional architecture. Through this architecture, the state shapes incentives, manages risks, and supports long-term transformation. The study
2026-06-22

Journal number 3 ∘ Niko Chikhladze ∘

Green Economy Transformation in Georgia: The Economic Significance of Secondary Resource Utilization

Expanded Summary This article examines the process of green economy transformation in Georgia, with a particular focus on the economic significance of secondary resource utilization. In the context of contemporary sustainable development challenges, the shift from a linear economic model toward a circular economy has become a critical policy priority. The study situates this transition within broader theoretical and practical frameworks of sustainable development, resource efficiency, and environmental-economic integration. The research analyzes the core principles of efficient resource management and circular economy models, emphasizing their increasing relevance for modern economic systems. It argues that sustainable development cannot be achieved solely through environmental regulation, but requires a systemic transformation of production and consumption patterns, as well as the integration of secondary resource flows into the national economy. Special attention is given to the
2026-08-21

Journal number 3 ∘ Nika Tsotsoria ∘

Green Economy Transformation in Georgia: The Economic Significance of Secondary Resource Utilization

Journal number 3 ∘ Tengizi Mtchedlidze ∘ Mariam Mtchedlidze ∘

Hydropower Supply Shocks and Electricity-System Adjustment in Georgia

Expanded Summary Georgia’s electricity system depends heavily on hydropower and is exposed to seasonal and interannual variation in river discharge. Hydropower supplied about 80.5% of domestic electricity generation in 2021. Generation usually declines in winter, when demand, thermal generation, and electricity imports increase. During high-discharge periods, additional hydropower may reduce thermal generation, lower imports, or support exports. This study estimates how Georgia’s electricity system responds to an unexpected hydropower-supply shock. Previous studies have examined electricity balances, seasonal deficits, cross-border trade, renewable-energy development, and institutional reform. These descriptive relationships do not isolate unexpected hydropower changes because generation may respond simultaneously to demand, weather, reservoir management, and regional market conditions. This study addresses that identification problem using a proxy structural vector
2026-08-21

EKONOMISTI The international scientific and analytical, reviewed, printing and electronic journal of Paata Gugushvili Institute of Economics of Ivane Javakhishvili Tbilisi State University

DOI: 10.52340/EKONOMISTI DOI: 10.36172/EKONOMISTI E ISSN 2346-8432 Print ISSN 1987-6890	Journal number 3 ∘ Journal N3, 2026 content Journal N3, 2026 შინაარსი - C O N T E N T 2026-08-21 Journal number 3 ∘ Tengiz Verulava ∘ Medical Staff Turnover in Healthcare Organizations: Organizational Factors and Strategies for Reduction Expanded Summary Human resources are among the most important determinants of organizational effectiveness, service quality, and patient safety in modern healthcare systems. Healthcare organizations depend heavily on the professionalism, motivation, stability, and commitment of their medical personnel. For this reason, staff turnover in the healthcare sector should not be viewed merely as an administrative or human resource problem. It represents a broader organizational and economic challenge that directly affects institutional sustainability, continuity of care, and the quality of medical services. Turnover among medical personnel has become a serious concern for healthcare systems worldwide. The problem became particularly visible after the COVID-19 pandemic, when healthcare workers experienced increased workload, psychological pressure, professional burnout, and uncertainty. High staff turnover creates significant direct and indirect costs for healthcare institutions. Direct 2026-08-21 Journal number 3 ∘ Vakhtang Berulava ∘ Marketing–Sales Alignment and Its Link to Sales Growth in Georgian B2B Distributor SMEs (Extended Abstract) The two main income-generating functions in most companies are marketing and sales. Yet for a long time these two functions operate as separate units both structurally and culturally, having different time horizons, performance metrics and professional outlooks. The academic literature suggests that the marketing sales alignment (MSA), which reflects the degree to which these functions share their goals, technology, processes, communications data and accountability for results, is directly related to shorter sales cycles, higher lead conversion rates and greater sales growth. However, these findings come mainly from developed Western markets. The evidence of the relationship between MSA and firm’s sales performance is relatively scarce for emerging economies. In Georgia, characterized by a rapidly developing private sector, uneven digital infrastructure and a relationship-based business culture, this relationship has not been studied previously. Yet 2026-08-21 Journal number 3 ∘ Ayan Ibragimovna Mirzayeva ∘ Factors Affecting the Formation of Revenues in the Tourism Sector: An Econometric Analysis Based on the Case of Azerbaijan Factors Affecting the Formation of Revenues in the Tourism Sector: An Econometric Analysis Based on the Case of Azerbaijan Expanded Summary In the article, the impact of investments in the tourism sector of the Republic of Azerbaijan on the flow of foreign tourists and economic indicators of the sector is discussed. The purpose of the study is a quantitative assessment of the influence of capital invested in infrastructure, marketing and promotion of tourism, on the number of tourists and income of enterprises. The study used econometric regression models with dummy variables that take into account the impact of the COVID-19 pandemic. The results show that the increase in investment has a positive effect on tourist flows and income growth, while the pandemic reduces the TMG/UDM indicator by approximately 34%, demonstrating the sector\'s sensitivity to external shocks. The obtained results have practical significance from the point of view of the formation of strategic investment decisions and state policy in the tourism sector and create an analytical basis for long-term development. Keywords: tourism 2026-08-21 Journal number 3 ∘ Azar Amirov Azad ∘ Optimizing State-Directed Innovation Finance in a Fragmented Global Economy Abstract State-directed credit expansions often trigger severe productivity losses through capital misallocation, a risk intensified by geoeconomic fragmentation. This study formulates a dual-pillar screening framework for state innovation finance: the first pillar disqualifies firms whose Altman Z-score falls in the intermediate Grey Zone; the second tests operational viability via a strict Free Cash Flow to Equity calculation. In a simulation of 500 industrial enterprises, the framework disqualified 207 conditionally approved firms, reallocating 64.7% of state credit from structurally weak incumbents toward productive entrepreneurial firms that drive total factor productivity and genuine R&D. Key Words: Capital misallocation, State-directed finance, Altman Z-score, Free Cash Flow to Equity, Zombie firms. Introduction Rising geopolitical tensions and the dismantling of integrated supply chains severely restrict cross-border technology diffusion, threatening global 2026-08-21 Journal number 3 ∘ Avaz Jeyhun Safarli ∘ ASSESSMENT OF THE RELATIONSHIP BETWEEN THE LEVEL OF DIGITAL TRANSFORMATION AND EMPLOYMENT INDICATORS (THE CASE OF AZERBAIJAN) Annotation. The article assesses the relationship between the level of digital transformation and employment indicators in Azerbaijan for 2010-2024. The empirical basis of the study consists of official statistical yearbooks and electronic statistical tables of the State Statistical Committee of the Republic of Azerbaijan. A digital development index is constructed on the basis of internet use, mobile subscriptions, ICT output, and ICT value added. The results show that digital transformation is associated with employment growth, but its main effect is not a simple increase in the number of jobs; rather, it is the restructuring of employment, the growing importance of digital skills, and the expansion of technology-intensive work functions. Correlation and log-log estimation confirm a positive relationship between the digital development index and employment indicators, while the interpretation of the results is limited to association rather than strict causality. Keywords: digital 2026-08-21 Journal number 3 ∘ Javid P. Safarov ∘ Ensuring Macroeconomic Stability in Azerbaijan: Structural and Innovative Methods for Preventing Currency Crises Annotation. his study examines the strategic evolution of macroeconomic management in the Republic of Azerbaijan, focusing on the protection of the national currency against exogenous shocks. The research introduces a “systemic triad” framework—comprising structural diversification, digital predictive signaling (AI/Big Data), and institutional-monetary regulation—to shift financial policy from reactive crisis management to proactive, multi-layered risk control. By analyzing the synergy between real-sector development (Agro-Industrial Complex, Middle Corridor, IT services) and advanced analytical monitoring, the paper provides a comprehensive roadmap for insulating the national economy from global volatility. The findings advocate for a robust, high-tech architectural approach that mitigates the risks of "Dutch disease," maximizes the efficiency of state reserves, and establishes a foundation for stable, long-term economic growth. Keywords: macroeconomic 2026-08-21 Journal number 2 ∘ Giorgi Nikuradze ∘ The Evolution of Economic Policy, 2010–2026, and Near-Term Prospects DOI kodi: 10.52340/ekonomisti.2026.02.20 Extended Summary This article examines Georgia’s economic policy evolution during 2010–2026. It also assesses near-term policy prospects. The analysis focuses on external shocks, institutional adaptation, and changing development priorities. The central argument is clear. Georgian economic policy did not move linearly from crisis to stability. It evolved from post-crisis stabilization toward a wider transformation regime. Fiscal and monetary credibility remain essential. Yet they are no longer sufficient by themselves. By the mid-2020s, effectiveness depended on a broader policy mix. This mix includes competition policy, SOE governance, digital infrastructure, sustainable finance, logistics, energy policy, and sectoral coordination. Therefore, the article treats economic policy as institutional architecture. Through this architecture, the state shapes incentives, manages risks, and supports long-term transformation. The study 2026-06-22 Journal number 3 ∘ Niko Chikhladze ∘ Green Economy Transformation in Georgia: The Economic Significance of Secondary Resource Utilization Expanded Summary This article examines the process of green economy transformation in Georgia, with a particular focus on the economic significance of secondary resource utilization. In the context of contemporary sustainable development challenges, the shift from a linear economic model toward a circular economy has become a critical policy priority. The study situates this transition within broader theoretical and practical frameworks of sustainable development, resource efficiency, and environmental-economic integration. The research analyzes the core principles of efficient resource management and circular economy models, emphasizing their increasing relevance for modern economic systems. It argues that sustainable development cannot be achieved solely through environmental regulation, but requires a systemic transformation of production and consumption patterns, as well as the integration of secondary resource flows into the national economy. Special attention is given to the 2026-08-21 Journal number 3 ∘ Nika Tsotsoria ∘ Green Economy Transformation in Georgia: The Economic Significance of Secondary Resource Utilization Expanded Summary This article examines the process of green economy transformation in Georgia, with a particular focus on the economic significance of secondary resource utilization. In the context of contemporary sustainable development challenges, the shift from a linear economic model toward a circular economy has become a critical policy priority. The study situates this transition within broader theoretical and practical frameworks of sustainable development, resource efficiency, and environmental-economic integration. The research analyzes the core principles of efficient resource management and circular economy models, emphasizing their increasing relevance for modern economic systems. It argues that sustainable development cannot be achieved solely through environmental regulation, but requires a systemic transformation of production and consumption patterns, as well as the integration of secondary resource flows into the national economy. Special attention is given to the 2026-08-21 Journal number 3 ∘ Tengizi Mtchedlidze ∘ Mariam Mtchedlidze ∘ Hydropower Supply Shocks and Electricity-System Adjustment in Georgia Expanded Summary Georgia’s electricity system depends heavily on hydropower and is exposed to seasonal and interannual variation in river discharge. Hydropower supplied about 80.5% of domestic electricity generation in 2021. Generation usually declines in winter, when demand, thermal generation, and electricity imports increase. During high-discharge periods, additional hydropower may reduce thermal generation, lower imports, or support exports. This study estimates how Georgia’s electricity system responds to an unexpected hydropower-supply shock. Previous studies have examined electricity balances, seasonal deficits, cross-border trade, renewable-energy development, and institutional reform. These descriptive relationships do not isolate unexpected hydropower changes because generation may respond simultaneously to demand, weather, reservoir management, and regional market conditions. This study addresses that identification problem using a proxy structural vector 2026-08-21