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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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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

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.

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.

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

The purpose of this paper is to examine how global liquidity affects international housing prices. The data sample covers 35 economies from 2000Q1 to 2017Q4.

The existing papers seldom investigated whether the impacts of global liquidity on housing prices display differences between advanced and developing economies. Cesa-Bianchi et al. (2015) is an exceptional study in that they focused on the impulse response of house price volatility to global liquidity shocks but did not examine the long-run equilibrium relationship. To fill the gap in the existing research, this paper used panel cointegration of Pedroni (2000, 2004) to estimate the long-run linkage between global liquidity and housing prices in both advanced and developing economies, and generalized impulse response function (GIRF) and generalized variance decomposition (GVDC) were also applied to capture the relative strengths and contribution of global liquidity shock on house price volatility.

First, the global liquidity elasticity of housing prices is 0.0679 in developing economies, and 0.0454 in advanced economies, implying that the positive effect of global liquidity on housing prices is higher in developing economies. Next, the results of generalized impulse response indicate that the innovation of global liquidity can significantly and positively impact housing prices only in developing economies and the duration is two quarters. Third, in light of the long-run portions of the global liquidity shock on house price volatility in individual economies, the two highest portions are 28.51% in the USA and 20.04% in the UK, while there are low portions, less than 10%, in most of the European economies. Moreover, comparing the long-run contributions of global liquidity and other variables shock on house price volatility, the contribution of the global liquidity shock ranks the highest or second highest in 21 out of 35 economies, confirming that it played a more important role than other economic variables in explaining house price volatility for most economies.

Compared with the related literature, the contributions of this paper are as follows. First, except for Cesa-Bianchi et al. (2015), the existing papers seldom investigated whether the impacts of global liquidity on housing prices display differences between advanced and developing economies. Hence, the study adopted a wider data sample, including 7 developing economies and 28 advanced economies, to examine the differences in the impact of global liquidity on housing prices between advanced and developing economies. Second, most of the relative literature calculated global liquidity by applying a monetary aggregate, such as M2 or M3, while Cesa-Bianchi et al. (2015) argued that global liquidity being measured by the international supply of credit is intuitively connected to housing prices. This paper follows the argument of Cesa-Bianchi et al. (2015) to use the international supply of credit as the measure of global liquidity, and both the long-run effects and the short-run relative strengths of global liquidity on housing prices are analyzed. Hence, this paper uses not only the GIRF to discuss the short-run relative strengths, as with Cesa-Bianchi et al. (2015) but also the panel cointegration of Pedroni (2000, 2004) to identify the long-run linkage between global liquidity and housing prices. Moreover, GVDC was used to estimate the contribution of a global liquidity shock on house price volatility in individual economies, which can confirm that global liquidity innovations are a very important factor in explaining house price volatility in most countries.

This study aims to explore the impact of regional green economies and communities on global sustainability. This study attempts to show if the empirical results align with the regional sustainable development policy and practices.

Empirical analyses are conducted through time-varying correlations, structural break tests and volatility modeling. As a public health indicator, the community variable is proxied by the daily COVID-19 cases.

According to the results, the US green economy and global sustainability relationship exhibit a greater variety than that of Europe and Asia regions. Volatility modeling reveals that green economies are significant variables for each region in accounting for the changes in global sustainability. Europe and Asia have the highest and lowest effects in this interaction, respectively. The results are consistent with the carbon emission statistics of the regions studied and the government’s efforts to promote sustainable development. Furthermore, this study supports the efforts of the European Union to tackle climate and environmental issues, as well as create a resource-efficient economy and truly prosperous society.

This study presents empirical findings concerning global sustainability by providing evidence from three regions. The outcomes on the extent of regional contribution to global sustainability may lead the policymakers to develop new strategies in the management of turmoil periods such as a pandemic.

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.

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.

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.

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.

The purpose of the study is to heighten intrinsic advantages, dis-advantages, being enjoyed by emerging country firms and the motivational factors that influence multinational enterprises (MNEs) to establish long-lasting relationship with emerging economies. The study also highlights the steps initiated by India by executing reform friendly foreign direct investment policy to attract foreign investments.

The study is descriptive in nature, based on secondary data, sourced from various reports of India Government and the Central Bank of India.

The Indian economy has undergone profound and substantial liberalization and made sweeping reforms in most of its sectors besides adopting internationalization policy agendas to upkeep their domestic firms in “going global”. However, India needs to amend the existing restrictive labour and land laws besides providing efficient employable workforce. India further needs a less cash economy, which ultimately marches into digitized credit system to build India as one of the best attractive countries in the eyes of global investors.

As the study is based on secondary data, it may be general, in explicit and may not be perfect in concluding decision.

MNEs play a major force in driving globalization of the world economy. However, MNEs face a variety of complex and multiple challenges in establishing strategic control over emerging economies. In spite of all odds, MNEs generate and capture value to host country firms by applying unique business models besides combining with or buying a foreign business.

Investment flows to India for the past 15 years (2005-2019) are critically analysed to justify research questions. Further, in the literature “Preparedness of India”, a lot of new interesting insights, incorporated.

This study examines dynamics of global and regional financial market efficiency; and how specific features of the market and other conditions influence variability in such efficiency.

The study employs fixed effects statistical approach in its examination of how specific features of financial markets influence variability in its efficiency.

This study finds that individual IMF defined economic regions tend to exhibits significantly different financial market efficiency characteristics given specific market features and conditions. In regional level comparative analysis (e.g. Europe, Africa, Asia–Pacific etc.) this study finds that incidence of financial market uncertainty is the dominant condition with significant effect on financial market efficiency across all the IMF regions. In the global level analysis, empirical estimates presented suggest that financial market uncertainty, financial institutional depth and financial institutional efficiency tend to have significant positive influence on global financial market efficiency all things being equal. In the same analysis however, this study finds that financial market and financial institutional access growth has significant negative impact on financial market efficiency.

The uniqueness of this study compared to related ones found in the literature stems from its focus on financial market efficiency at the global, and IMF defined regional block level instead of on a specific economy as often found in the literature. Additionally, in contrast to other related studies, this study further examines the role of global financial market uncertainty in its financial market efficiency analysis. Financial market uncertainty variable may be unique to this study because the variable is derived through an econometric process from a base variable.