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In spite of the extensive literature on the regulation of air transport services, until the development of the Quantitative Air Services Agreements Review (QUASAR) methodology no systematic review existed of the degree of liberalization granted through air services agreements. The chapter lays out QUASARs key features, and presents the main results its application has generated. It then elaborates on how the methodology could be further refined and extended to other segments of the air transport industry yet uncovered. Based on QUASAR, the chapter critically evaluates some commonly held beliefs about the liberalization of international passenger transport and then moves on to explore the technical feasibility of creating a liberal multilateral regime for air transport services. QUASAR has demonstrated that, although the air transport sector has experienced some liberalization over the past few years, this has been, overall, rather marginal. The skies are not truly open.

This chapter reviews the effects of air transport liberalization, and investigates the roles played by airport-airline vertical arrangements in liberalizing markets. Our investigation concludes that liberalization has led to substantial economic and traffic growth. Such positive outcomes are mainly due to increased competition and efficiency gains in the airline industry, and positive externalities to the overall economy. Liberalization allows airlines to optimize their networks, and thus may introduce substantial demand and financial uncertainty to airports. Vertical arrangements between airlines and airports may offer a wide range of benefits to the parties involved, yet such arrangements could also lead to airline entry barriers which reduce the effects of liberalization. Three approaches have been developed to model the effects of liberalization in complex market conditions, which include the analytical, econometric and computational network methods. These approaches should be selectively utilized in policy studies on liberalization.

Vietnam is a land that has seen turbulent past and has faced huge damage as being a land for proxy war between the USA and the USSR, but yet it has risen and liberated itself out by adapting renovation or Doi-Moi as it is formally called in Vietnam. The purpose of this chapter is to identify the major impact of trade liberalization and trade integration on the Vietnamese economy. Through this chapter we have tried to bring out the changes that took place in the Vietnamese economy post liberalization. The structural change that took place in the Vietnamese economy due to liberalization is analyzed in this chapter. We have used paired sample T-test and Chow Test (F-Test) to observe the change as Vietnam joined the WTO. The effect that the various policy and FTA that Vietnam had after joining the WTO will be analyzed through this chapter.

Financial and capital liberalization can play a fundamental role in increasing growth and welfare. Typically, emerging or developing economies seek foreign savings to solve the inter-temporal savings-investment problem. On the other hand, current account surplus countries seek opportunities to invest their savings. To the extent that capital flows from surplus to deficit countries are well intermediated and put to the most productive use, they increase welfare. Liberalization can, however, also be risky, as has been witnessed in many past and recent financial, currency and banking crises. It can make countries more vulnerable to exogenous shocks. In particular, if serious macroeconomic imbalances exist in a recipient country, and if the financial sector is weak, be it in terms of risk management, prudential regulation and supervision, large capital flows can easily lead to serious financial, banking or currency crises. A number of recent crises, like those in East Asia, Mexico, Russia, Brazil and Turkey (described, for example, in International Monetary Fund (IMF), 2001), and, to some extent, the Argentinean Crisis of late 2001, early 2002, have demonstrated the potential risks associated with financial and capital flows liberalization (Prasad et al., 2003).

This chapter uses a global trade model, supplemented with household survey data, to explore the potential impact of ASEAN trade liberalization on poverty in Cambodia, Lao PDR, Thailand, and Vietnam. Our tentative results suggest that ASEAN liberalization is likely to bring substantial gains to the region and lead to significant reductions in poverty. In a simulation of full removal of intra-ASEAN tariffs, we find 320,000 people are moved out of extreme poverty, with a further 1.4 million lifted above the $2 per day poverty line. Poverty reductions are particularly significant in the case of agricultural and rural diversified households and for Cambodia. Under broader ASEAN+3 and ASEAN+6 liberalizations, we find a similar pattern of poverty reduction and the overall reduction in poverty is much higher.

Purpose – Examine the role of institutional investors in accelerating the development of capital markets and economies abroad, the determinants of their investment, both in the domestic and foreign markets, and their importance in promoting good corporate governance practices worldwide and facilitating increased financial integration.

Methodology/approach – Review and synthesize recent academic literature (1970–2011) on the process of international financial integration and the role of foreign institutional investors in the increasingly global financial markets.

Findings – Despite the concern that short-term flow of international capital can be destructive to the emerging and developing market economies, academic evidence on a destabilizing effect of foreign investment activity is limited. Institutional investors’ systematic preference for stocks of large, well-known, globally visible foreign firms can explain the presence of a home bias in international portfolio investment.

Research limitations – Given the breadth of the two literature streams, only representative studies (over 45 published works) are summarized.

Social implications – Regulators of emerging markets should first improve domestic institutions, governance, and macroeconomic fundamentals, and then deregulate domestic financial and capital markets to avoid economic and financial crises in the initial stages of liberalization reforms.

Originality/value of paper – A useful source of information for graduate students, academics, and practitioners on the importance of foreign institutional investors.

The purpose of this chapter is to provide a viewpoint on the importance of liberalization for the development of service economy. This study of the authors results from the conducted research and experience obtained so far in the field of liberalization of the services market and its effects on Polish service enterprises. In addition, it contains practical insights on the liberalization, taking into consideration the benefits and barriers perceived by Polish service enterprises entering the markets of Central and Eastern Europe countries (CEEC) and for the economy. This chapter provides insight for the researchers and practitioners who are interested in the problematic of the liberalization of the services market in the context of managing a company operating in the CEEC area.

Over the last two decades Middle East and North African (MENA) countries like much of the developing countries have experienced a wave of liberalization of their financial sectors. There have been expectations that financial liberalization would enhance economic growth by stimulating savings and investment. The purpose of this chapter is three-folds: (1) to review the literature on the rationale for financial repression; (2) to examine the theoretical and empirical literature on the links between financial liberalization, savings, and investment; and (3) to assess empirically the effect of financial reforms on economic performance in the specific case of MENA countries.

Financial liberalization is assumed to be the integration of a country's local financial system with international financial markets and institutions. This integration usually requires that governments liberalize the domestic financial sector and the capital account. Financial sectors were liberalized in most of the developing countries in Asia, Africa, and Latin America within the early 1990s. Among these countries, emerging economies are those who promise huge potential for growth but also pose significant political, monetary, and social risks. Brazil and India are often compared among the major emerging economies. Despite these general similarities between them, there are notable differences in various aspects of opening the balance of payments capital account in both countries. In this chapter, we have tried to analyze the long-run as well as short-run relationship between quarterly growth rate of GDP with the stock market, real market, and money market macroeconomic variables in India and Brazil during the period from the first quarter of 1996–1997 to the second quarter of 2018–2019. To estimate the cointegration relationship between growth rate of GDP and its determinants, we employ the bounds testing procedure (modified-ARDL) developed by Pesaran, Shin, and Smith (2001, Journal of Applied Econometrics, 16(3), 289–326). According to our results, stock market plays a positive role in long-term growth in India. Although during the beginning period of the neoliberal reforms, India faced strong domestic political opposition, our study shows that liberalizing the financial market has been fruitful for long-term growth. Our results in case of Brazil show that inflation has a negative and significant impact on long-run growth rate of GDP. The results further show that the share of gross fixed capital formation in GDP in Brazil has a positive and significant long-run relation with the growth rate of GDP. The empirical results further indicate that just like India, liberalization of the financial market and allowing foreign capital inflows have been beneficial for the economy of Brazil in the long run.

The chapter explores how gender has been an integral part of the nation building project in post-liberalisation Hindi cinema, popularly, known as Bollywood.

This chapter is based on primary data gathered through interviews with prominent members of the Hindi film industry along with a detailed content analysis of commercially successful post-liberalisation mainstream Hindi films.

It highlights how the representation of gender has been a central axis around which the tension between tradition and modernity has been played out in Hindi Cinema. The construction of Indianness post-liberalisation has questioned gender politics but proposed easy resolutions which fit into the larger nationalist narrative. In doing so, it has used the diaspora as a category to produce a nationalist account which is simultaneously essentialised and transnational in the quest for projecting India’s aspirations on the global platform.

The chapter provides important insights into the role of popular Hindi cinema, often brushed off as frivolous, in contributing to the mainstream discourse on nationalism post-liberalisation.