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Optimal Growth Economics: An Investigation of the Contemporary Issues and the Prospect for Sustainable Growth
Type: Book
ISBN: 978-0-44450-860-7

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Article
Publication date: 1 April 2003

Georgios I. Zekos

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…

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56973

Abstract

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.

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Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

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Book part
Publication date: 1 July 2015

Enrique Martínez-García

The global slack hypothesis is central to the discussion of the trade-offs that monetary policy faces in an increasingly more integrated world. The workhorse New Open…

Abstract

The global slack hypothesis is central to the discussion of the trade-offs that monetary policy faces in an increasingly more integrated world. The workhorse New Open Economy Macro (NOEM) model of Martínez-García and Wynne (2010), which fleshes out this hypothesis, shows how expected future local inflation and global slack affect current local inflation. In this chapter, I propose the use of the orthogonalization method of Aoki (1981) and Fukuda (1993) on the workhorse NOEM model to further decompose local inflation into a global component and an inflation differential component. I find that the log-linearized rational expectations model of Martínez-García and Wynne (2010) can be solved with two separate subsystems to describe each of these two components of inflation.

I estimate the full NOEM model with Bayesian techniques using data for the United States and an aggregate of its 38 largest trading partners from 1980Q1 until 2011Q4. The Bayesian estimation recognizes the parameter uncertainty surrounding the model and calls on the data (inflation and output) to discipline the parameterization. My findings show that the strength of the international spillovers through trade – even in the absence of common shocks – is reflected in the response of global inflation and is incorporated into local inflation dynamics. Furthermore, I find that key features of the economy can have different impacts on global and local inflation – in particular, I show that the parameters that determine the import share and the price-elasticity of trade matter in explaining the inflation differential component but not the global component of inflation.

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Monetary Policy in the Context of the Financial Crisis: New Challenges and Lessons
Type: Book
ISBN: 978-1-78441-779-6

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Article
Publication date: 16 June 2020

Alexey Yu. Arkhipov and Alexey N. Yeletsky

The purpose of the article is to analyze the contradictory trends in the development of the modern world economic system. The relevance of the topic is due to the…

Abstract

Purpose

The purpose of the article is to analyze the contradictory trends in the development of the modern world economic system. The relevance of the topic is due to the multifaceted and ambiguous nature of regionalization, glocalization and fragmentation tendencies formed as the most important trends in the crisis of globalism.

Design/methodology/approach

Based on the classical methods of historical and functional analysis, system approach and comparative studies, the authors realized the research potential of modern methodological tools, alternative forecasting methods and comparative modeling, as well as special methods of economic globalistics and global political economy. Heuristic possibilities of the methodological–theoretical concept of glocalization of international economic relations are used.

Findings

New directions and opportunities for attaining regional and global geo-economic leadership are revealed and demonstrated. It is justified that glocalization does not lead to economic isolation in previously known historical forms but to priority realization of the interests of local economic entities included in the processes of globalization and subordinated to its patterns. Glocalization causes an increase in the role of local factors in the global development of the society, in particular of the global economy.

Originality/value

It is established that the so-called equilibrium zones (enjoying the advantages of an intermediary role in the interrelationships of large areas of the world economy, which are headed by geo-economic leaders) possess the potential for novelty in the dynamics of a globalizing economy. The article predicts the formation of a multidimensional and multilevel geo-economic multipolarity due to the reshaping of the global system of leadership in the world economy and due to the contradictory competitive relationships of its main centers.

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International Journal of Sociology and Social Policy, vol. 41 no. 1/2
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 30 March 2010

Dilip K. Das

In the background of the global economic and financial crisis, one hears and reads nothing but excoriation and denunciation of globalization. The purpose of this paper is…

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5882

Abstract

Purpose

In the background of the global economic and financial crisis, one hears and reads nothing but excoriation and denunciation of globalization. The purpose of this paper is to provide an honest and objective analysis of the contemporary global economic scenario, which reveals numerous challenges that globalization engendered in different countries, country groups as well as in the global economy. This paper asserts that globalization has a positive side as well. The trauma of the continuing crisis is vitiating the enormous constructive contribution made by economic and financial globalization in the contemporary period.

Design/methodology/approach

The paper looks at: globalization as a welfare‐enhancing force; some front runners of globalization and particularly the ascent and economic integration of East Asia, China, India, the BRICS, etc. and latecomers to globalization.

Findings

The essential findings of this paper are that country groups like East Asia in the past and China and India at present have benefited immensely from economic and financial globalization. Rapid group in the sub‐group of economies referred to as the emerging‐market economies is made possible by economic and financial globalization. The ascent of these economic groups is changing the contours of the global economy. The newest achievement of economic and financial globalization is a favorable impact over the former non‐market economies and Africa. Both of these are regarded as challenging cases in the past.

Originality/value

Economic and financial globalization has remained a controversial issue. This paper takes a bold and original perspective in focusing on its favorable contributions at a time point when it is being deprecated for causing a great deal of upheaval in the global economy.

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Journal of International Trade Law and Policy, vol. 9 no. 1
Type: Research Article
ISSN: 1477-0024

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Article
Publication date: 31 October 2018

Rexford Abaidoo

This study aims to empirically examine how economic policy uncertainty emanating from three major global economic blocks (the US, the Chinese and the European Union) and…

Abstract

Purpose

This study aims to empirically examine how economic policy uncertainty emanating from three major global economic blocks (the US, the Chinese and the European Union) and volatility in global oil prices influence international trade.

Design/methodology/approach

The study uses quarterly data spanning the period between 1995 and 2014 in an autoregressive distributed lag framework.

Findings

This study finds that economic policy uncertainty conditions associated with the US and the Chinese economies tend to have significant negative or constraining impact on key components of international trade. Further analysis suggests that between the two leading economies (the US and the Chinese economies), economic policy uncertainty emanating from the US economy tend to have much more constraining impact on dynamics of international trade than the Chinese economy all things being equal.

Practical implications

This study’s findings carry significant strategic planning and policy implications for international trade dependent firms or corporations and economies. For instance, for multi-national corporations or firms whose products and services depend heavily on cross-border trade, understanding and taking into consideration prevailing economic policy dynamics emanating from the US and the Chinese economies in product and services demand forecast, and other strategic moves could be critical in minimizing potential adverse effects on projected performance or growth targets.

Originality/value

The uniqueness of this study’s approach stems from its assessment of how perception of uncertainty among economic agents about economic policies originating from three noted global economic blocks impacts international trade. In other words, instead of traditional factors or conditions surmised to influence variability in trend associated with international trade found in related studies, this study rather examines how perceptions of uncertainty about prevailing or yet to be enacted economic policy within specific global economic block impacts international trade.

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Journal of Financial Economic Policy, vol. 11 no. 1
Type: Research Article
ISSN: 1757-6385

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Book part
Publication date: 19 November 2016

Taranza T. Ganziro and Robert G. Vambery

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The Exorbitant Burden
Type: Book
ISBN: 978-1-78560-641-0

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Article
Publication date: 23 October 2009

Joanne Roberts

The aim of this paper is to bring into question the idea of the global knowledge economy.

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3649

Abstract

Purpose

The aim of this paper is to bring into question the idea of the global knowledge economy.

Design/methodology/approach

The paper explores the characteristics of the knowledge economy, as elaborated by academics and policy makers concerned with knowledge in the contemporary global business environment. A range of available data is reviewed concerning the global distribution of investments in knowledge, information and communications technologies (ICTs), international transactions in knowledge‐intensive services and royalty and licensing fees, employment by sector and literacy rates. Such data provide a basis for an initial critical evaluation of the notion of the global knowledge economy.

Findings

The use of the term “global knowledge economy” fails to acknowledge the uneven distribution of knowledge‐based economic activity. Moreover, as currently constituted, the idea of a global knowledge economy, which focuses on knowledge as conceptualised in the commercial activities of advanced countries, overlooks the diversity of knowledges present in the world today.

Originality/value

This paper provides the first attempt to question and critically explore the global knowledge economy.

Details

Critical perspectives on international business, vol. 5 no. 4
Type: Research Article
ISSN: 1742-2043

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Book part
Publication date: 3 June 2021

Egemen Sertyesilisik and Begum Sertyesilisik

Resilience of the economy is related with its ability to cope with the challenges (e.g., economic and environmental crises). Economies need to be resilient as countries…

Abstract

Resilience of the economy is related with its ability to cope with the challenges (e.g., economic and environmental crises). Economies need to be resilient as countries having resilient economy can enhance welfare of their people and achieve sustainable development (SD). Total factor productivity can be improved through smart technologies, smart workforce, and innovations. It requires holistic and systematic as well as strategic approach as it is directly related with the SD of the countries and welfare of their people. It is directly related with the policies covering all these main aspects with the long-term, systematic, and holistic view. Resilient economies need to enhance their resilience to keep them resilient despite of the changes which can act as threats in the future. Resilience of the economy necessitates transformation of the manufacturing industry (MI) into the sustainable, smart, circular, and global one. In this way MI's competitiveness can be enhanced. For this reason, based on an in-depth literature review, this chapter aims to examine ways for enhancing resilience of the global economy through smart, circular, and competitive MI. Specific focus is on the policies fostering the transformation of the MI into the sustainable, smart, circular, global, and innovative one. This chapter emphasizes the importance of and need for the productivity-based resilient economy. Policy makers, academics, and researchers in the relevant field can get benefit from this chapter.

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Article
Publication date: 2 August 2011

James Thomas Kunnanatt

The paper proposes that globalization has opened up opportunities for developing countries that adopt the right type of political economy doctrine and opt to externalize…

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3135

Abstract

Purpose

The paper proposes that globalization has opened up opportunities for developing countries that adopt the right type of political economy doctrine and opt to externalize their economies through contemporarily relevant global integration models and country‐level strategies.

Design/methodology/approach

Portraying the various phases of globalization, the experiences of developed and developing countries are reviewed to recommend a “global participation model” for developing countries to benefit from the globalization process.

Findings

In profiling the global participation model, the paper introduces the concept of global business chain and shows how countries have formed strategic groups to participate in the global chain as “opportunity exploiters” and “opportunity providers.” If equipped with appropriate and efficient economic doctrine, developing countries could act both as opportunity providers and opportunity exploiters and transform themselves into “twin advantage countries” – with substantial enhancements in their total factor productivity and consequent gains in the quality of life of populations.

Originality/value

Global business chain and twin advantage strategy, the two major propositions of this paper, are a new stream of thought in the discussions on globalization.

Details

Competitiveness Review: An International Business Journal, vol. 21 no. 4
Type: Research Article
ISSN: 1059-5422

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