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Book part
Publication date: 8 March 2011

Gabor Pula and Tuomas A. Peltonen

Due to the emergence of global production networks, trade statistics have became less accurate in describing the dependence of emerging Asia on external demand. This…

Abstract

Due to the emergence of global production networks, trade statistics have became less accurate in describing the dependence of emerging Asia on external demand. This chapter analyses, using an update of the Asian International Input–Output (AIO) table, the interdependence of emerging Asian economies, the United States, the EU15, and Japan via trade and production linkages. According to the results, we do not find evidence of the decoupling of emerging Asia from the rest of the world. On the contrary, we find evidence on increasing trade integration, both globally and regionally. Nonetheless, our analysis indicates that emerging Asia's dependence on exports is only about one-third of its GDP, that is, well below the 50% exposure suggested by trade data. This finding can be explained by the high import content of exports in these economies, which is a result of the increasing segmentation of production across the region.

Details

The Evolving Role of Asia in Global Finance
Type: Book
ISBN: 978-0-85724-745-2

Keywords

Book part
Publication date: 4 October 2018

Pym Manopimoke, Suthawan Prukumpai and Yuthana Sethapramote

This chapter examines dynamic connectedness among emerging Asian equity markets as well as explores their linkages vis-à-vis other major global markets. We find that…

Abstract

This chapter examines dynamic connectedness among emerging Asian equity markets as well as explores their linkages vis-à-vis other major global markets. We find that international equity markets are tightly integrated. Measuring connectedness based on a generalized Vector Autoregressive (VAR) model, more than half of all total forecast error variance in equity return and volatility shocks come from other markets as opposed to country own shocks. When examining the degree of connectedness over time, we find that international stock markets have become increasingly connected, with a gentle upward trend since the Asian financial crisis (AFC) but with a rapid burst during the global financial crisis (GFC). Despite the growing importance of Asian emerging markets in the world economy, we find that their influence on advanced economies are still relatively small, with no significant increase over time. During the past decade, advanced markets have been consistently net transmitters of shocks while emerging Asian markets act as net receivers. Based on the nature of equity shock spillovers, we also find that advanced countries are still tightly connected among themselves while intraregional connectedness within Asia remains strong. By investigating whether uncertainty plays an important role in explaining the degree of stock market connectedness, we find that economic policy uncertainty (EPU) from the US is an important source of financial shock spillover for the majority of international equity markets. In contrast, US financial market uncertainty as proxied by the VIX index drives equity market spillovers only among advanced economies.

Details

Banking and Finance Issues in Emerging Markets
Type: Book
ISBN: 978-1-78756-453-4

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Article
Publication date: 25 October 2018

Henry F.L. Chung

Research focusing on the relation between market orientation and innovation in the Asian emerging economy is limited. The purpose of this study is to advance the extant…

Abstract

Purpose

Research focusing on the relation between market orientation and innovation in the Asian emerging economy is limited. The purpose of this study is to advance the extant literature by investigating the relations among market orientation, guanxi networking and innovation using the MARKOR scale.

Design/methodology/approach

The research conclusion is drawn based on the experience of 122 Asian emerging market firms operating in a wide variety of industrial sectors. This study explores whether the three MARKOR components (intelligence generation, dissemination and responsiveness) and their interaction with business and political guanxi have a significant effect on firms’ strategic innovation success. Innovation is measured following the practice of the OECD. In addition to the quantitative analyses, this study conducted qualitative interviews with executives of eight respondent firms, to further consolidate the subjects under investigation. The integration of both qualitative and quantitative data enriches the conclusions drawn from the study.

Findings

The findings of this study confirm that, when operating in an Asian emerging economy, both intelligence generation and responsiveness have a positive and direct impact on innovation. Though intelligence dissemination has no direct influence on innovation, its alignment with business and political guanxi still leads to a positive effect on innovation. The coalition of responsiveness and political guanxi, however, has a negative influence on innovation. The results of this study add new insights to the extant literature and provide implications for future research and marketing practices in Asian emerging economies.

Originality/value

The findings of this study confirm that, when operating in an Asian emerging economy, both intelligence generation and responsiveness have a positive and direct impact on innovation. Though intelligence dissemination has no direct influence on innovation, its alignment with business and political guanxi still leads to a positive effect on innovation. The coalition of responsiveness and political guanxi, however, has a negative influence on innovation. The results add new insights to the extant literature and provide implications for future research and marketing practices in Asian emerging economies.

Details

Journal of Business & Industrial Marketing, vol. 34 no. 4
Type: Research Article
ISSN: 0885-8624

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Book part
Publication date: 10 November 2016

William Scheela

This chapter focuses on the impact that private-equity financing has on nurturing and developing global entrepreneurs in emerging economies. The research question is: how…

Abstract

This chapter focuses on the impact that private-equity financing has on nurturing and developing global entrepreneurs in emerging economies. The research question is: how do potentially high-impact entrepreneurial start-ups in emerging economies rapidly expand globally in order to compete with developed-country competitors. Oviatt’s and McDougall’s (1994, 2005) international new venture typology is used to analyze a case study of an emerging-economy, born-global start-up and its relationship with a venture capital firm, which is crucial to develop a competitive international business strategy.

In spite of operating in an emerging country lacking a well-developed entrepreneurial ecosystem (institutional void), a global start-up in conjunction with a venture capital firm that practiced a hands-on investment strategy, was able to successfully scale its business model globally over a 10-year period. The venture capital firm played a critical role in providing institutional support, lacking in this emerging country, to enable the start-up to quickly grow and become competitive with Western competitors.

Details

Global Entrepreneurship: Past, Present & Future
Type: Book
ISBN: 978-1-78635-483-9

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Book part
Publication date: 11 August 2014

Yadong Luo

In the aftermath of the global economic crisis, the pursuit of new perspectives and different growth models is imperative. One of the most significant trends of our time…

Abstract

In the aftermath of the global economic crisis, the pursuit of new perspectives and different growth models is imperative. One of the most significant trends of our time is the rise of Asia in the world economy. After centuries of Western economic dominance, China, India, and the rest of the East, alongside emerging economies more broadly, are beginning to challenge the West for positions of global industry leadership and underlying managerial philosophies and perspectives. In this paper, I review some key philosophical insights from Asia that have underpinned the success of many Asian businesses for generations, hoping that it will encourage more efforts – conceptually, theoretically, and empirically – leading the discourse on fresh new perspectives on business in emerging economies in general, and on Asian management in particular.

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Multidisciplinary Insights from New AIB Fellows
Type: Book
ISBN: 978-1-78441-038-4

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Article
Publication date: 27 September 2011

Peter Enderwick and Swati Nagar

Increasing globalisation of the healthcare sector suggests that there may be new competitive opportunities for emerging economies in this price‐sensitive sector. The…

5506

Abstract

Purpose

Increasing globalisation of the healthcare sector suggests that there may be new competitive opportunities for emerging economies in this price‐sensitive sector. The purpose of this paper is to examine the extent to which emerging economies, and in particular the four major Asian competitors – Thailand, India, Malaysia and Singapore – can compete successfully in the medical tourism (MT) sector.

Design/methodology/approach

The authors evaluate this sector in terms of Porter's Diamond of National Competitiveness, as well as considering the challenges that competitors must address. The primary challenges relate to attracting consumers, proving assurances of quality for a credence good, increasing scale while maintaining quality, addressing ethical issues and moving beyond simple price‐based competition.

Findings

The authors conclude that the major Asian competitors in MT benefit from strong government support, rely heavily on overseas linkages and accreditation, and are competing in very similar ways. In the future, further differentiation is both likely and desirable.

Originality/value

The paper offers a theoretically based analysis of the future competitiveness of the rapidly evolving MT industry in four key Asian economies. This industry appears to relate well to the comparative advantage of emerging economies and offers future opportunities for upgrading and value adding.

Details

International Journal of Emerging Markets, vol. 6 no. 4
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 9 May 2016

Mahmoud Rajablu

Asian economy in transition is facing great deal of challenges, so its corporate governance. This paper investigates the dominant corporate governance models practiced…

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Abstract

Purpose

Asian economy in transition is facing great deal of challenges, so its corporate governance. This paper investigates the dominant corporate governance models practiced under the liberal market capitalism, cooperative capitalism, collective capitalism and the state capitalism across the continents and proposes conscious governance approach for Asia and emerging economies.

Design/methodology/approach

The paper explores and compares Anglo-American and Continental European corporate governance models. The report further investigates the development of corporate governance across Asian publicly listed companies, state-owned enterprises, small and medium enterprises and other privately held large enterprises, and raises questions and concerns and derives conclusion.

Findings

The Asian experience of imposing Western corporate governance models is more of a simplification of tasks based on political, cultural and globalization needs rather than the regions’ economic, financial and social development reality.

Practical implications

The unique proposition of conscious corporate governance aligns corporate governance practice with Asian socio-economic transition vision and helps with further development and reforms.

Originality/value

The paper adds to the existing efforts and triggers a fresh view to the Asian and emerging economies corporate governance research and strategy.

Article
Publication date: 14 September 2015

Peter Yeoh

The purpose of this paper is to review the practicality and implications of capital controls in emerging economies in the international financial landscape subsequent to…

2836

Abstract

Purpose

The purpose of this paper is to review the practicality and implications of capital controls in emerging economies in the international financial landscape subsequent to the 1997 Asian financial crisis (AFC) and the 2008 global financial crisis (GFC).

Design/methodology/approach

The doctrinal approach used in this study relies primarily on primary data from relevant statutes and regulations in the capital and financial markets, and secondary data from research findings of published sources available in the public domain. It also makes concurrent use of the case study approach.

Findings

The disdain over the use of capital controls by emerging economies such as Malaysia in the 1997 AFC by multilateral agencies like the International Monetary Fund (IMF) since then and particularly after the 2008 GFC and the 2011/2012 European financial crisis (EFC) has been quietly and gradually transformed into a viable policy option under defined circumstances, especially at the IMF and global forums like the G20. The 1997 AFC in particular induced East Asian economies and others to strengthen the macroeconomic and financial positions, such that they were not only able to withstand the impacts of the 2008 GFC and the 2011/2012 EFC but also contributed to their gradual recoveries through their participation as net lenders to the IMF. The enhanced confidence of these emerging economies to use various capital controls without seeking IMF support spawned new thinking at the IMF to result in the introduction of policy guidelines sanctioning the use of capital controls under particular circumstances.

Research limitations/implications

The paper is constrained by the usual limitations connected with qualitative studies, but this is generally mitigated by triangulation of perspectives and so on.

Originality/value

This paper provides a critical overview of the pros and cons of capital controls. In particular, it analyses the implications of capital controls as a policy option for emerging economies when facing severe financial crisis. It also critically discusses how and why flowing from the aftermath of its application by Malaysia in the 1997 AFC and subsequent employment by other successful emerging economies in response to the 2008 GFC and 2011/2012 EFC, multilateral institutions such as the IMF and international forum like the G20 developed a more positive approach toward the use of capital controls.

Details

International Journal of Law and Management, vol. 57 no. 5
Type: Research Article
ISSN: 1754-243X

Keywords

Article
Publication date: 27 July 2018

Kashif Munir and Ayesha Ameer

The purpose of this paper is to analyze the long-run as well as short-run effect of economic growth, trade openness, urbanization and technology on environmental…

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Abstract

Purpose

The purpose of this paper is to analyze the long-run as well as short-run effect of economic growth, trade openness, urbanization and technology on environmental degradation (sulfur dioxide (SO2) emissions) in Asian emerging economies.

Design/methodology/approach

The study utilizes the augmented STIRPAT model and uses the panel cointegration and causality test to analyze the long-run and short-run relationships. Due to the unavailability of data for all Asian emerging economies, the study focuses on 11 countries, i.e. Bangladesh, Hong Kong, India, Indonesia, Iran, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka and Thailand, and uses balance panel from 1980 to 2014 at annual frequency.

Findings

Results showed that the inverted U-shape hypothesis of the environmental Kuznets curve holds between economic growth and SO2 emissions. While technology and trade openness increases SO2 emissions, urbanization reduces SO2 emissions in Asian emerging economies in the long run. Unidirectional causality flows from urbanization to SO2 emissions and from SO2 emissions to economic growth in the short run.

Practical implications

Research and development centers and programs are required at the government and private levels to control pollution through new technologies as well as to encourage the use of disposed-off waste as a source of energy which results in lower dependency on fossil fuels and leads to reduce emissions.

Originality/value

This study contributes to the existing literature by analyzing the effects of urbanization, economic growth, technology and trade openness on environmental pollution (measured by SO2 emissions) in Asian emerging economies. This study provides the essential evidence, information and better understanding to key stakeholders of environment. The findings of this study are useful for individuals, corporate bodies, environmentalist, researchers and government agencies at large.

Details

Management of Environmental Quality: An International Journal, vol. 29 no. 6
Type: Research Article
ISSN: 1477-7835

Keywords

Article
Publication date: 18 December 2019

Kashif Munir and Mahnoor Bukhari

The purpose of this paper is to examine the impact of three modes of globalization, i.e. trade globalization, financial globalization and technological globalization…

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Abstract

Purpose

The purpose of this paper is to examine the impact of three modes of globalization, i.e. trade globalization, financial globalization and technological globalization, separately on income inequality on the Asian emerging economies.

Design/methodology/approach

The study uses Hecksher–Ohlin and the Stolper–Samuelson theorem as a theoretical model for the relationship between globalization and income inequality. The study uses pooled least square (POLS) and instrumental variable least square (IVLS) estimation technique but prefers the IVLS over POLS due to the problems of omitted variable biased and endogeneity. Due to unavailability of data for all the Asian emerging economies, the study uses the following 11 countries, i.e. Bangladesh, China, India, Indonesia, Malaysia, Pakistan, Philippines, Sri Lanka, Singapore, South Korea and Thailand, from 1980 to 2014 for the trade and technological globalization model and from 1990 to 2014 for the financial globalization model.

Findings

Trade globalization significantly contributes to reduce income inequality in the Asian emerging economies. The impact of financial globalization on income inequality suggests that financial integration causes an increase in income inequality. Therefore, the benefits of financial globalization are not evenly distributed among the rich and the poor. The impact of technological globalization significantly contributes in the reduction of income inequality.

Practical implications

Government has to invest in research and development activities, establish efficient financial system, reduce trade restrictions and provide subsidies that help to increase the volume of trade.

Originality/value

This study contributes in the existing literature by analyzing the impact of trade globalization, financial globalization and technological globalization on income inequality in Asian emerging economies. The study provides useful guidelines to policy makers and governments to make effective policies in relation to globalization and income inequality that lead toward economic growth and reducing income inequality.

Details

International Journal of Sociology and Social Policy, vol. 40 no. 1/2
Type: Research Article
ISSN: 0144-333X

Keywords

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