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Book part
Publication date: 26 November 2019

Asim K. Karmakar and Sebak K. Jana

India's balance of payments (BoP) has gone though several merits and oddities over its long journey since her liberalization era. On its way forward it has faced three of…

Abstract

India's balance of payments (BoP) has gone though several merits and oddities over its long journey since her liberalization era. On its way forward it has faced three of the world's worst challenges from the global turmoil. Of them, the impact of first crisis on India was minimal. But the other two crises had a tremendous impact on its external sector. In effect, the current and capital account of India's BoP have undergone significant structural changes during these two and a half a decades (1990–1991 to 2014–2015). It is in this context this chapter evaluates the evolution of two and a half decades of India's BoP in the context of global changes and exchange rate fluctuations and instability.

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Book part
Publication date: 26 November 2019

Sovik Mukherjee and Asim K. Karmakar

One of the highly debatable issues in the arena of international economics in recent years is whether a country should go for full capital account convertibility. In terms…

Abstract

One of the highly debatable issues in the arena of international economics in recent years is whether a country should go for full capital account convertibility. In terms of the timing and process of capital account liberalization, India and China have been remarkably similar. Both started with a more or less closed capital account in the 1970s and the 1980s, in the context of a heavily state-influenced, planned economy. And in both countries, the first wave of liberalization came in the early 1990s and thus, the journey began. The objective of this chapter is to provide a critical analysis of both India and China's approach to the capital account liberalization program in the backdrop of the recent financial crises and to give an account of the theoretical issues that have arisen in international discussions on CAC and India's standpoint on this issue in particular. Second, how far is the capital account liberalization justified in the context of the recent episodes of financial crises that India and China have witnessed? Using a macroempiric model, this chapter tries to answer whether every member country in the IMF should hurriedly go for CAC or not. In addition, empirically through FMOLS, the authors pool in the “Rupee Convertibility” and “Renminbi Internationalization” along with exchange rate variation and its implications for India's and China's BoP situation (in terms of the export–import position and FDI flows) based on data from 1992 to 2017. 1 , 2

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The Gains and Pains of Financial Integration and Trade Liberalization
Type: Book
ISBN: 978-1-83867-004-7

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Book part
Publication date: 13 May 2019

Asim K. Karmakar and Sebak K. Jana

Terrorism has been practiced for centuries in different countries throughout the globe. The international struggle against terrorism started in the early part of the last…

Abstract

Terrorism has been practiced for centuries in different countries throughout the globe. The international struggle against terrorism started in the early part of the last century, and in 1937, the League of Nations concluded a Convention on the Prevention and Punishment of Terrorism. It is now well established in customary international law that since piracy, slavery, war crimes, and crimes against humanity are so terrible and affect the peace, tranquility, and security of all States, any State has the right to try persons for these crimes, irrespective of their nationality or where the crime was committed. This is known as universal jurisdiction. Terrorism is not quite in that category, one reason being the lack of international agreement on a comprehensive definition of terrorism. Instead, universal treaties adopted by the United Nations (UN) specializes agencies and, more recently Chapter VII measures of the UN Secretary Council, have been the means by which international law contributes to the struggle against terrorism. This aspect is discussed in a Section. Besides, today, the impact of terrorism in maintaining law and order, in assuring peace and tranquility to law-abiding citizenry and in harnessing growth and development, both at the national and international level, is quite grave, gloomy, and alarming. Global terrorism has, in fact, become an unprecedented challenge to the human civilization itself. The present chapter tries to examine the nature of terrorism at the global level with special reference to India and proposes for formation of international laws and co-ordinations to combat it.

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The Impact of Global Terrorism on Economic and Political Development
Type: Book
ISBN: 978-1-78769-919-9

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Book part
Publication date: 9 March 2021

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Global Tariff War: Economic, Political and Social Implications
Type: Book
ISBN: 978-1-80071-314-7

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Book part
Publication date: 9 March 2021

Asim K. Karmakar and Sovik Mukherjee

Of late, the ongoing trade war between the two most powerful economies of the world – United States and China – has placed both the countries on a horrid front, breaking…

Abstract

Of late, the ongoing trade war between the two most powerful economies of the world – United States and China – has placed both the countries on a horrid front, breaking the world’s most important bilateral relationship of the twenty-first century. Their failure to reach a concrete agreement on mutual benefit on matters related to growing hefty amount of China’s current account surplus of balance of payments (BoP) and endangering United States to create jobs on its side, China’s use of illegal and unfair methods to acquire rights on intellectual property and US technology at an effectively discounted price; and also the concern that China by hook or by crook seeks to weaken the US economy has made matters worse. It is in this context the chapter analyzes the trade tensions between them and the context under which it came to the fore and with what outcomes. The analysis recommends interventions of the global leaders to mitigate the issues for the betterment of the world economy.

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Global Tariff War: Economic, Political and Social Implications
Type: Book
ISBN: 978-1-80071-314-7

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Book part
Publication date: 9 March 2021

Asim K. Karmakar and Sebak K. Jana

Trade war among the nations dates back mainly to the nineteenth century. Some of the trade wars may be cited as (i) The First and Second Opium War Empire between 1839 and…

Abstract

Trade war among the nations dates back mainly to the nineteenth century. Some of the trade wars may be cited as (i) The First and Second Opium War Empire between 1839 and 1842; (ii) The Smoot-Hawley Tariff Act, 1930 signed by US President Herbert Hoover; (iii) Chicken wars in the early 1960s; (iv) The US–Japan automobile trade war in the 1980s; (v) 1985 Pasta War between America under the Regan Administration of United States and Europe; (vi) The Banana wars. However, trade becomes more intense in the present century with the increase of the economic trade instruments. Under the Obama Administration, currency war and tariff war both became strong between the United States and China with intense effect over the globe. After the Obama regime, came Donald John Trump with a number of controversial (aggressive) trade protectionism plans saying thereby “China’s accession to the World Trade Organization has enabled the greatest jobs theft in history” and “Trillions of our dollars and millions of our jobs flowed overseas as a result.” Even during the COVID-19 period in the 2020s, threats and counter-threats have been on the ascend. It is in this backdrop the present chapter mainly traces the history of trade wars in the twenty-first century, touching upon the nineteenth and twentieth century trade battles.

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The Impacts of Monetary Policy in the 21st Century: Perspectives from Emerging Economies
Type: Book
ISBN: 978-1-78973-319-8

Abstract

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The Impacts of Monetary Policy in the 21st Century: Perspectives from Emerging Economies
Type: Book
ISBN: 978-1-78973-319-8

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