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This study aims to establish the position of the European Union (EU-28) countries in the dynamics of international trade openness linkages and the Global Competitiveness Index (GCI) in correlation with the gross domestic product (GDP) per capita, research and development (R&D) expenditures, innovation capability and information and communication technology (ICT) adoption.

In the panel data set, comparative analyses were applied to scatter diagrams, correlation and regression analyses and structural equation models using Eurostat and World Economic Forum (WEF) data for the EU-28 countries in the period 2008–2019.

The empirical results did not confirm the hypotheses that a positive correlation exists between GCI and trade openness indicators and between GDP per capita and GCI. The ICT adoption and innovation capability increase GCI, which affects GDP per capita.

The empirical results provide a better understanding of the importance of trade policies, particularly in terms of trade openness and trade shares of the EU-28 countries, as it could contribute to increasing the GCI of the EU-28 countries. Furthermore, the results of this study underline the importance of ICT adoption and innovation capability and the need for appropriate government policies that improve global competitiveness.

This study, through empirical analysis, demonstrates the existence of correlations between trade openness (exports as % of GDP, imports as % of GDP and export market shares as % of world trade), R&D expenditures, innovation capability, ICT adoption, GDP per capita and the GCI in the EU-28 countries. In addition, this study contributes managerial and policy-based implications on driving forces of global competitiveness.

For a new technology-based firm, the ability to learn is crucial to their growth process. However, firms constantly face the challenge of maintaining the ambidexterity of two different learning activities, namely learning by exploiting existing competencies and learning through exploring new ones. The purpose of this study is to examine how small technology-based firms at incubators perform both activities. Using the index of network openness, we argue that firms perform ambidexterity by maintaining a balance between a high and low level of network openness. Our first hypothesis was constructed as firms pursuing explorative learning will develop a high level of network openness while those pursuing exploitative learning will develop a low level of network openness. In the second hypothesis, we argue that firms need to balance network openness. Developing too low level of network openness will not add more benefits as the cost for maintaining relationship increases. Similarly, developing too high level of openness may potentially hinder firms’ progress as firms face distractions and difficulties in maintaining a wide variety of relationships. Using the empirical data from new technology-based firms located at the Daresbury SIC, we confirm the hypotheses. The result also found a trend of a curvilinear relationship between network openness and the firms’ performance which confirm the second hypothesis. The overall findings have illustrated how a network has a positive impact on helping small and new technology-based firms perform learning ambidexterity.

The purpose of this paper is to empirically examine the effects of financial liberalization and trade openness on the economic growth of two countries, namely, Pakistan and India for the period 1985-2014.

This study uses the autoregressive distributed lag technique, which allows mixed order of integration. In addition, it uses the principal component method to create an index for financial liberalization to examine how it affects the economic growth of the selected countries.

The findings reveal that in the short and long run, trade openness has positive effect on the Pakistan’s economic growth while the financial liberalization has positive impact only in the long run. In the case of India, both financial liberalization and trade openness positively and significantly influence the economic growth in the short and long run.

By comparing the results of both countries, trade openness and financial liberalization increase the economic growth of India more than that of Pakistan. These results suggest that Pakistan should consider appropriate positive policies regarding financial liberalization and trade openness to achieve high and stable economic growth in the future.

This study creates financial liberalization index by using the principal component analysis method to explain the role of financial liberalization in the economic growth of Pakistan and India. In addition, it makes comparison of the results based on which country benefits most from the liberalization of trade and financial sectors. Only very few studies have examined these countries, yet their results have remained inconclusive as well.

The purpose of this paper is to investigate the potential determinants of FDI, in developed and developing countries.

This paper investigates FDI determinants based on panel data analysis using static and dynamic modeling for 20 countries (11 developed and 9 developing), over the period 2004-2013. For static model estimations, Hausman (1978) test indicates the applicability of fixed effect/random effect, while generalized moments of methods (GMM) (dynamic model) is used to capture endogeneity and unobserved heterogeneity.

The outcome across different countries depicts diverse results. In developed countries, FDI seeks policy-related determinants (GDP growth, trade openness, and freedom index), and in developing country FDI showed positive association for economic determinants (gross fixed capital formulation (GFCF), trade openness, and efficiency variables).

The destination of FDI is limited to 20 countries in the present paper. The indicator of the institutional environment, namely economic freedom index, used in this paper has received some criticism in calculations.

The paper enlists recommendations for future FDI policies and may assist government in providing a tactical framework for skill development, thereby increasing manufacturing growth rate. The paper also throws light on vertical and horizontal capital inflows considering resource, strategy, and market-seeking FDI.

FDI may bring significant benefits by creating high-quality jobs, introducing modern production and management practices. It highlights how multinational corporations and government contribute to better working conditions in host countries.

The paper uncovers important features like macroeconomic variables, especially country-wise efficiency scores, policy variables, GFCF, and freedom index, for determining FDI inflows in 20 countries using panel data methods and provides a roadmap for developed and developing countries. The study highlights endogeneity and unobserved heteroscedasticity by applying GMM one- and two-step procedure.

Indian textiles have a history of fine craftsmanship, and because of that, it has its own global appeal and international demand. India has its own extensive base of raw material and manufacturing. This makes India the second-largest textile exporter in the world after China. India's share in the global textiles and apparels trade was approximately 5% in 2017. In 2017, India's textile industry contributes 7% of total industry output and employs about 45 million people directly. Its contribution to the country's GDP and export earnings in the same year was 2% and 15%, respectively. With this backdrop, the present chapter aims to investigate twin objectives. Initially, the changing growth pattern of India's readymade garment export is investigated. Along with this, the impacts of trade openness on India's readymade garment export are also scrutinized. The entire study is conducted based on the secondary data, compiled from the various issues of “Handbook of Statistics on Indian Economy,” published by “Reverse Bank of India.” The data are compiled for the period 1987–1988 to 2018–2019. The investigation of the first objective is facilitated by the “Poirer's Spline function approach.” On the contrary, for the exploration of the second objective, we have calculated the “trade openness index.” It is measured as the sum of export and import as a percentage of GDP. The study concludes that the Indian readymade garment industry shows a declining growth rate and the industry is benefited from trade openness. The study ends with suitable policy prescriptions.

This chapter deals with the estimation of the effect of exchange rate flexibility on financial account openness. The purpose of our analysis is twofold: On the one hand, we try to quantify the differences in the estimated parameters when exchange rate flexibility is treated as an exogenous regressor. On the other hand, we try to identify how two different degrees of exchange rate flexibility (intermediate vs floating regimes) affect the propensity of opening the financial account. We argue that a simultaneous determination of exchange rate and financial account policies must be acknowledged in order to obtain reliable estimates of their interaction and determinants. Using a panel data set of advanced countries and emerging markets, a trivariate probit model is estimated via a maximum simulated likelihood approach. In line with the monetary policy trilemma, our results show that countries switching from an intermediate regime to a floating arrangement are more likely to remove capital controls. In addition, the estimated coefficients exhibit important differences when exchange rate flexibility is treated as an exogenous regressor relative to the case when it is treated as endogenous.

The aims of the paper are to investigate IT software and service export function for India. First, cointegration tests have been used to investigate the long-run equilibrium relationship of the given variables. Second, long-run coefficients and associated error correction mechanism are estimated.

Annual time series data on IT software and service exports, human capital, exchange rate, investment in IT, external demand and openness index have been used for the present study during the period 1980–2017. The data are collected from the National Association of Software and Service Companies (NASSCOM), Planning Commission of India, University Grants Commission (UGC) of India, real effective exchange rate (REER) database and World Bank development indicators. Auto regressive distributed lag (ARDL) model is used to analyze both short-run and long-run dynamic behaviour of economic variables with appropriate asymptotic inferences.

Results of the analysis show the stable long-run equilibrium relationship among the given variables. It is found that external demand, exchange rate, human capital and openness index have a substantial long-run impact on the IT software and service exports. We also found that the coefficient of error correction term is negative and significant at 1% of the level of significance, which confirms the existence of stable long-run relationship which means adjustment will take place when there is a short-run deviation to its long-run equilibrium after a shock.

There may be other determinants of software and service exports apart from those considered by the present study. Due to the non-availability of data, the study considers only important determinants that determine the software and service exports in India. The IT exports are an emerging and dynamic field of economic activity and the rate of change is so rapid that the relevance of individual factors may change over time. The study period is also limited to available data.

The paper has implications for achieving sustainability in IT software and service exports growth. It is recommended that policies directed at improving the performance of IT software and service exports should largely consider the long-run behaviour of these variables.

This paper focuses on originality in the analysis of the relationship among the given variables including IT software and service exports, human capital, exchange rate, investment in IT, external demand and openness index in India. All the work has been done in original by the authors, and the work used has been acknowledged properly.

Ports have played an important role in the history of Indian trade as they had always been the poles of international trade and commerce since colonial times. They had also acted as a catalyst for the economic development of the nations from historic times till now. Despite the tremendous growth of various other major modes of transport systems such as railways, roadways in case of land routes for internal trade and airways for external trade, ports still continue to coexist with them mainly in sea-borne exchange of goods both in internal as well as in external trade of India. This chapter studies the impact of globalization on economic development of India through the maritime trade growth at Major ports, being the sustainable transport mode, during the period (1980–2020). Using econometric and statistical tools it observes that Major ports have played a significant role in growth of sustainable transport and trade development within India, since the colonial times till date. Not only that, positive impact of globalization, (in terms of growth of trade globalization index) also have resulted both in increased volume of total and overseas trade performance in overall growth of international trade at Major ports of India, thus, reflecting higher economic development.

The purpose of this paper is to present the growth trends in IT industry after the period of globalization in 1990s and to investigate the short-run and long-run dynamics between IT software and service exports, globalization and economic growth in India.

Annual time series data on IT exports, net national product and openness index have been collected from National Association of Software and Service Companies, the Reserve Bank of India database on Indian economy and the World Bank for the present study. The methodology adopted for studying the first objective are growth trend models, descriptive statistics and graphs prepared on the basis of data from the IT sector. Growth trends in key performance variables, such as total output, export, domestic output and employment have been analyzed. In the case of second objective, vector auto regression model has been used based on variance decomposition and impulse response function to capture the short-run and long-run dynamics between IT exports, globalization and economic growth in India.

Results of the growth trend model show the relative growth performance of software services receipts shows its strong advancement compared to the other sub-components of current account of balance of payments of India. It is found that economic growth responds positively to the shocks in IT exports and openness of economy. Further, IT software and service exports and openness index contribute to economic growth more in the long-run rather than in the short run.

The IT software and service exports is dynamic field of economic activity amid heavy dependence on both domestic and external economic and political environment; hence, the rate of change is so rapid, and the relevance of factors may change over time.

The paper has implications for achieving sustainability in IT software and service exports growth. It is recommended that economic growth can be enhanced by implementing policies that not only improve the efficiency of the sector but also focus on optimization of the potential of the Indian IT industry.

This paper focuses on originality in delineating the growth trends and analysis of capturing the short-run and long-run dynamics between IT exports, globalization and economic growth in India.

International remittances are an important segment of external financial flows in Nigeria, currently superseding official development aid (ODA) in terms of volume, and foreign direct investment (FDI) in terms of stability. This study is motivated by the recent increase in remittance flows in Nigeria as the highest recipient in West Africa, and the fact that the growth impact of remittances is weak within the country. The financial liberalization index developed by Chinn and Ito (2006) is employed in this study to examine the role of financial liberalization in the remittances-growth nexus in Nigeria over the period 1990–2018.

To address the possibility of endogeneity among the variables in the model, the study employs the generalized method of moments (GMM) as a technique of analysis.

Remittances and financial liberalization are found to have negative significant impacts on economic growth. However, the effect of the interaction term of financial liberalization and remittances on economic growth is positive and significant. This suggests that the two variables act as complements in the enhancement of economic growth in Nigeria. The study thus concludes that financial liberalization is a strong transmission channel through which remittance inflows positively affect economic growth in Nigeria. The study also advocates for a well-developed financial sector in order to attract more growth-enhancing remittances into the country.

The implication of the research findings is that an unrestrained financial sector is necessary to encourage and optimize the benefits of remittance flows on economic growth in Nigeria.

Previous studies have considered the effects of financial development on the remittances-growth nexus in Nigeria. However, this study examines the role of financial liberalization in the nexus between remittances and economic growth in Nigeria by using the Chinn and Ito (2008) index of financial openness.