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Article
Publication date: 22 December 2021

Jeleta Gezahegne Kebede and Vincent Tawiah

The general purpose of the paper is to examine the effect of financial globalization on income inequality. The specific purposes are: 1) To examine the effect of overall

Abstract

Purpose

The general purpose of the paper is to examine the effect of financial globalization on income inequality. The specific purposes are: 1) To examine the effect of overall financial globalization on income inequality. 2) To analyze whether de facto and de jure financial globalization have differential effects on income inequality. 3) To scrutinize whether the effect of financial globalization on income inequality varies across countries of different income groups and quantiles of income inequality.

Design/methodology/approach

The authors employed panel quantile regression using 73 countries over 2000–2016 to examine the effect of financial globalization on income inequality. The authors employed fixed effect and panel quantile regressions and classified the countries into income groups to compare differential effects of financial globalization across different income groups. Further, the authors unbundled financial globalization into de facto and de jure financial globalizations to investigate whether their effects on income inequality vary.

Findings

Overall financial globalization raises income inequality more at lower quantiles of inequality. De jure financial globalization reduces income inequality in high-income countries. In high-income countries, de jure financial globalization has more favorable income distribution at lower quantiles of inequality. In contrast, de facto financial globalization raises inequality regardless of income classification of the countries.

Originality/value

To the best of the authors’ knowledge, the authors for the first time employed panel quantile regression to analyze whether financial globalization affects income inequality across different quantiles. In addition to de facto globalization, the authors used the newly developed de jure financial globalization index to examine its impact on income inequality. The de jure dimension is largely neglected in the literature. The authors provide empirical evidence on how the different dimensions of financial globalization, de facto and de jure, impact inequality in high-income, middle-income and low-income countries.

Details

Journal of Economic Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 12 October 2020

Tolulope Osinubi and Simplice Asongu

This study examines the effect of globalization on female economic participation (FEP) in MINT (Mexico, Indonesia, Nigeria and Turkey) and BRICS (Brazil, Russia, India…

Abstract

Purpose

This study examines the effect of globalization on female economic participation (FEP) in MINT (Mexico, Indonesia, Nigeria and Turkey) and BRICS (Brazil, Russia, India, China and South Africa) countries between 2004 and 2018.

Design/methodology/approach

Four measures of globalization are employed and sourced from KOF globalization index, 2018, while the female labour force participation rate is a proxy for FEP. The empirical evidence is based on the Pooled Mean Group (PMG) estimator.

Findings

The findings of the PMG estimator from the Panel ARDL method reveal that political and overall globalization in MINT and BRICS countries have a positive impact on FEP, whereas social globalization exerts a negative impact on FEP in the long-run. It is observed that economic globalization has no long-run effect on FEP. Contrarily, all the measures of globalization reflect no short-run effect on FEP. This supports the argument that globalization has no immediate effect on FEP. Thus, it is recommended that both MINT and BRICS countries should find a way of improving the process of globalization generally to empower women to be involved in economic activities.

Originality/value

This study complements the extant literature by focusing on how globalization dynamics influence FEP in the MINT and BRICS countries.

Details

Journal of Economic Studies, vol. 48 no. 6
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 1 September 2020

Nahla Samargandi, Kazi Sohag, Ali Kutan and Maha Alandejani

The authors reinforce the existing literature on the effect of overall globalization on institutional quality (IQ), while incorporating the effects of economic, political…

Abstract

Purpose

The authors reinforce the existing literature on the effect of overall globalization on institutional quality (IQ), while incorporating the effects of economic, political and social aspects of globalization, human capital, government expenditure and population growth. To this end, the authors estimate panel data models for a sample of 36 member countries of the Organization of Islamic Cooperation (OIC) during 1984–2016.

Design/methodology/approach

The authors employ the cross-sectional autoregressive distributed lags (CS-ARDL) approach.

Findings

The study’s investigation affirms the presence of an inverted U-shaped (nonlinear) relation between overall globalization and IQ indexes for the sample countries, which suggests no additional room for improvement in IQ. It also underpins the existence of an inverted-U-shaped (nonlinear) relation between political globalization and IQ. In contrast, economic and social globalizations have a U-shaped relation with IQ, implying more scope for improvement.

Research limitations/implications

The findings have key policy implications. First, policy makers should consider a long-run approach for improving IQ and globalization over time. Second, quick reforms in the short run may not improve IQ.

Practical implications

The results suggest that policy makers should approach the globalization process from a long-run perspective as well by designing appropriate strategies to provide a continuous but gradual increase in globalization so as to systematically monitor the threshold limits to IQ from improving globalization

Originality/value

To the best of the authors’ knowledge, this work is the first to empirically investigate the overall role of globalization in promoting IQ under the conditions of short-run heterogeneity and long-run homogeneity. The authors focus on the member countries of the OIC, many of which are ruled by authoritarian regimes and suffer from a poor domestic institutional setting.

Details

International Journal of Emerging Markets, vol. 16 no. 8
Type: Research Article
ISSN: 1746-8809

Keywords

Book part
Publication date: 25 May 2022

Somnath Chattopadhyay and Suchismita Bose

The study constructs a composite indicator to rank macroeconomic performance of countries and a separate composite indicator to rank countries by inequality using the…

Abstract

The study constructs a composite indicator to rank macroeconomic performance of countries and a separate composite indicator to rank countries by inequality using the TOPSIS methodology of Multiple Criteria Decision-Making Analysis. The intuitive idea of TOPSIS is to formulate an ideal solution with respect to each individual policy variable; the relative rank of any country is then determined, using a suitable distance metric, such that the best performer simultaneously has the shortest distance from the ideal solution and the farthest distance from the non-ideal. It uses the composite indicator based rankings together with the KOF Globalization Index and sub-indices based rankings to examine the overall relationship between globalization and macroeconomic performance of countries and reduction in inequality; the impacts of trade and financial globalization for 1990–2018 across countries and groups of the globe. It shows that though highly correlated with growth, globalization may not necessarily lead to an improvement in overall macroeconomic performances of countries when one also takes into account unemployment and inflation. Economic globalization is seen here to mostly coincide with rise in income inequality. Observations also support the fact that countries, even if they are not highly integrated may reap sufficient benefits of globalization for macroeconomic performance and inequality diminution given supportive policies.

Details

Globalization, Income Distribution and Sustainable Development
Type: Book
ISBN: 978-1-80117-870-9

Keywords

Article
Publication date: 4 November 2013

Julia Zinkina, Andrey Korotayev and Aleksey I. Andreev

The purpose of this paper is to encourage discussions regarding the existing approaches to globalization measurement (taking mainly the form of indices and rankings) and…

3020

Abstract

Purpose

The purpose of this paper is to encourage discussions regarding the existing approaches to globalization measurement (taking mainly the form of indices and rankings) and their shortcomings in terms of applicability to developing Global Studies curricula. Another aim is to propose an outline for the globalization measurement methodology that would take a systemic approach to revealing the global flows (both their direction and content) and networks, which will allow the multidimensionality in globalization measurement crucial for proposing and verifying formal explanations and hypotheses, as well as for developing globalization forecasts.

Design/methodology/approach

Several methodologies for globalization measurements are compared in the paper, among the most important are variations of the index compilation methodology, and methods of network analysis.

Findings

For Global Studies curricula, globalization measurement tools much more complex than indices are needed. A possible solution could lie in the analysis of country-to-country flows (and networks which these flows form), which appears much more data- and effort-consuming than the methodologies behind the index compilation, will allow the elaboration of a systemic vision of globalization and the interactions between its various aspects, which should necessarily underlie the Global Studies curricula.

Research limitations/implications

The research concentrates upon the most widespread approaches to globalization measurements, such as the most widely recognized globalization indices, and the few attempts at country-to-country flows and networks measurement.

Originality/value

The paper's originality/value lies in proposing an outline for a new multidimensional approach to measuring globalization based upon country-to-country flows and networks.

Open Access
Article
Publication date: 24 October 2022

Hermann Ndoya and Simplice A. Asongu

This study aims to analyse the impact of digital divide (DD) on income inequality in sub-Saharan Africa over the period 2004–2016.

Abstract

Purpose

This study aims to analyse the impact of digital divide (DD) on income inequality in sub-Saharan Africa over the period 2004–2016.

Design/methodology/approach

In applying a finite mixture model (FMM) to a sample of 35 sub-Saharan African (SSA) countries, this study posits that DD affects income inequality differently.

Findings

The findings show that the effect of DD on income inequality varies across two distinct groups of countries, which differ according to their level of globalization. In addition, the study shows that most globalized countries are more inclined to be in the group where the effect of DD on income inequality is negative. The results are consistent with several robustness checks, including alternative measures of income inequality and additional control variables.

Originality/value

This study complements that extant literature by assessing linkages among the DD, globalization and income inequality in sub-Saharan African countries contingent on cross-country heterogeneity.

Details

Social Responsibility Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1747-1117

Keywords

Article
Publication date: 3 April 2018

Simplice A. Asongu, Uchenna Efobi and Vanessa S. Tchamyou

This study aims to assess the effect of globalisation on governance in 51 African countries for the period 1996-2011.

Abstract

Purpose

This study aims to assess the effect of globalisation on governance in 51 African countries for the period 1996-2011.

Design/methodology/approach

Ten bundled and unbundled governance indicators and four globalisation variables are used. The empirical evidence is based on Generalised Method of Moments.

Findings

Firstly, on political governance, while only social globalisation improves political stability, only economic globalisation does not increase voice and accountability and political governance. Secondly, with regard to economic governance: only economic globalisation significantly promotes regulation quality; social globalisation and general globalisation significantly advance government effectiveness; and economic globalisation and general globalisation significantly promote economic governance. Thirdly, with respect to institutional governance, while only social globalisation improves corruption-control, the effects of globalisation dynamics on the rule of law and institutional governance are not significant. Fourthly, the impacts of social globalisation and general globalisation are positive on general governance.

Practical implications

It follows that political governance is driven by voice and accountability compared to political stability; economic governance is promoted by both regulation quality and government effectiveness from specific globalisation angles; and globalisation does not improve institutional governance for the most part.

Originality/value

Governance variables are bundled and unbundled to reflect evolving conceptions and definitions of governance. Theoretical contributions and policy implications are discussed.

Details

International Journal of Development Issues, vol. 17 no. 1
Type: Research Article
ISSN: 1446-8956

Keywords

Article
Publication date: 12 February 2018

Pooja Malik, Usha Lenka and Debashish Kumar Sahoo

The purpose of this paper is to propose a conceptual framework associating globalization, workforce diversity, and deviance and suggest micro-macro HRM strategies to…

3464

Abstract

Purpose

The purpose of this paper is to propose a conceptual framework associating globalization, workforce diversity, and deviance and suggest micro-macro HRM strategies to overcome challenges associated with the workforce diversity and workplace deviance.

Design/methodology/approach

A systematic review of literature of past 25 years was carried out with the key word “globalization, workforce diversity, and deviance” from several electronic databases.

Findings

Findings propose micro-macro HRM strategies to be adopted by HR practitioners in Association of Southeast Asian Nations (ASEAN) organizations to manage workforce diversity and deviance in the age of globalization.

Research limitations/implications

The challenges due to workforce diversity may get worse because ASEAN is more incongruent in terms of phases of economic, social, cultural, and political advancement. Therefore, proposed model can be tested and compared in different ASEAN organizations.

Originality/value

There is a dearth of literature associating globalization, workforce diversity, and deviance. This paper bridges this gap by proposing a conceptual framework in the ASEAN context and suggests micro-macro HRM strategies to be adopted by HRM practitioners to overcome associated challenges with workforce diversity and deviance.

Details

Journal of Management Development, vol. 37 no. 1
Type: Research Article
ISSN: 0262-1711

Keywords

Article
Publication date: 30 July 2020

Radoslaw Wisniewski and Justyna Brzezicka

This paper aims to analyse globalisation, localisation and glocalisation on the real estate market and define the characteristic features of a glocal real estate market…

Abstract

Purpose

This paper aims to analyse globalisation, localisation and glocalisation on the real estate market and define the characteristic features of a glocal real estate market (GREM). The GREM involves real estate properties and real estate products, as well as linking the local and global dimensions of real estate market. Further aims of the study were to provide a methodology for developing the glocal real estate market index (GREMI), and compare selected European markets by analysing their glocalisation potential.

Design/methodology/approach

A novel method of identifying and assessing the GREM was prepared in the work. The methodology provides tools for calculating the GREMI. This is an index based on a few dozen variables from various thematic scopes, describing the glocalisation potential of a selected market, calibrated to a range <0, 1>. GREMI values were calculated for 12 countries, which accessed European Union (EU) in 2004. The sample covers period from 2004 to 2017.

Findings

The study shows that the GREMI continues to increase in all countries over time and the results are becoming synchronised. Romania is a country with the highest number of minimum GREMI values in all years (2004–2017). The highest values of the GREMI were determined in Estonia over the period of nine years (2004–2006, 2008 and 2013–2017).

Research limitations/implications

The prepared index may be applied to analyse different real estate markets, though the necessity to select an identical set of variables for analysis to allow for comparing between markets is a limitation for applying the method. The actual selection of variables is also a study limitation, which was of an opening nature to research in this scope and may be disputable.

Originality/value

This paper provides the original methodology of the GREMI index for countries joining the EU from 2004 onwards.

Details

Journal of European Real Estate Research , vol. 14 no. 1
Type: Research Article
ISSN: 1753-9269

Keywords

Article
Publication date: 4 April 2017

Magda Kandil, Muhammad Shahbaz, Mantu Kumar Mahalik and Duc Khuong Nguyen

Using annual data from 1970 to 2013 for China and India, this paper aims to examine the impact of globalization and financial development on economic growth by…

4777

Abstract

Purpose

Using annual data from 1970 to 2013 for China and India, this paper aims to examine the impact of globalization and financial development on economic growth by endogenizing capital and inflation and drawing comparisons between the two fastest growing emerging market economies.

Design/methodology/approach

In the long run, co-integration test results indicate that financial development increases economic growth in China and India.

Findings

The results also reveal that globalization accelerates economic growth in India but, surprisingly, impairs economic growth in China, as it increases competition for exports. The results furthermore disclose that acceleration in capitalization and inflation, as a proxy for aggregate demand, are positively linked to economic growth in China and India.

Originality/value

Causality test results indicate that both financial development and economic growth are interdependent. In contrast, causality runs from higher economic growth to increased globalization in India, while the results do not support long-term causality between globalization and economic growth in China.

Details

International Journal of Development Issues, vol. 16 no. 1
Type: Research Article
ISSN: 1446-8956

Keywords

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