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This paper categorises environmental damage as local, national, transfrontier and international in nature. It argues that since the developed countries’ environmental protection policies aimed at reducing the level of carbon dioxide in the atmosphere will be offset by the expansion of industrialisation in the less developed countries, the key to protecting the global environment is technological advancement by which the world community can raise the efficiency of the current energy usage and/or develop feasible alternative sources of energy so that the consumption of fossil fuel can be minimised. Furthermore, this paper argues that national institutions promote mainly R&D and technological changes in areas which will ensure national supremacy over other nations, in the areas of either trade and/or military and prestige rivalries and hence international treaties for protection of the global environment attempted thus far will continue to be incapable of significantly protecting the planet from global environmental damage, unless and until an authorised international institution for the global environment is established.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

The recent rise of nonperforming loans (NPLs) in some Asian economies calls for close analysis of the determinants, the potential macrofinancial feedback effects, and the implications for financial stability in the region. Using a dynamic panel model, we assess the determinants of the evolution of bank-specific NPLs in Asia and find that macroeconomic conditions and bank-specific factors – such as rapid credit growth and excessive bank lending – contribute to the buildup of NPLs. Further, a panel vector autoregression (VAR) analysis of macrofinancial implications of NPLs in emerging Asia offers significant evidence for feedback effects of NPLs on the real economy and financial variables. Impulse response functions demonstrate that a rising NPL ratio decreases the GDP growth, credit supply and increases the unemployment rate. Our findings underline the importance of considering policy options to swiftly and effectively manage and respond to a buildup of NPLs. The national and regional mechanisms underlying NPL resolution are important for safeguarding financial stability in an increasingly interconnected global financial system.