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Article
Publication date: 1 August 2005

Siddhartha Menon

The primary purpose of this paper is to explore the importation of the convergence idea into the Indian regulatory and institutional context.

Abstract

Purpose

The primary purpose of this paper is to explore the importation of the convergence idea into the Indian regulatory and institutional context.

Design/methodology/approach

The objectives of this paper were largely achieved by utilizing textual or policy document analysis. This methodological technique involves an analysis of primary and some secondary sources including: statements from policy makers and direct quotations from policy documents. In theoretical terms, this inquiry is grounded in institutionalism.

Findings

Barriers to achieving real convergence are not merely a function of perceptual flaws in regulatory measures or shortcomings of the industries involved, but are endemic to unrealistic conceptualizations of the phenomenon in the literature.

Research limitations/implications

More quantitative metrics could be added. However, if more quantitative methods are added the paper needs to be re‐written to accommodate them. Also a comparative perspective could be added, but then again the paper would have to be re‐designed.

Practical implications

This paper offers numerous concrete and practical applications for those in government and industry who are struggling with the convergence issue. For policymakers it provides insights for how governments and consultants may impact the progress of convergence. The paper also illustrates structural factors that industry will face in India in rolling out converged or multi‐media services.

Originality/value

Convergence in the Indian case is greatly under researched. While there has been considerable research into regulatory issues of the nation's telecommunications and broadcast industries, few if any studies have addressed convergence among distinct mediated communication forms. Inquiry into role the regulatory role of consultant firms is particularly lacking.

Details

info, vol. 7 no. 4
Type: Research Article
ISSN: 1463-6697

Keywords

Article
Publication date: 1 October 1998

Donal Bredin and Stilianos Fountas

The paper tests for long‐run monetary policy convergence and short‐run policy interactions in seven ERM countries over the 1979‐1992 period using the approach of multivariate…

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Abstract

The paper tests for long‐run monetary policy convergence and short‐run policy interactions in seven ERM countries over the 1979‐1992 period using the approach of multivariate cointegration and Granger‐causality tests. The authors provide evidence for very little monetary policy convergence, even during the more stable 1987‐92 period. Tests for short‐run monetary policy interactions show that, in agreement with some other studies, Germany is not the leader country in the system as it appears to accommodate shocks in other member countries. The tests show also that full monetary policy convergence applied among Germany, Belgium and The Netherlands in the 1987‐92 period implies that these countries could be the first to join a European monetary union should a two‐speed approach to monetary union become a reality.

Details

Journal of Economic Studies, vol. 25 no. 5
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 5 April 2013

Simplice A. Asongu

A major lesson of the European Monetary Union (EMU) crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of…

Abstract

Purpose

A major lesson of the European Monetary Union (EMU) crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of shocks. The purpose of this paper is to assess these disequilibria within the Economic and Monetary Community of Central Africa (CEMAC), West African Economic and Monetary Union (UEMOA) and Financial Community of Africa (CFA) zones.

Design/methodology/approach

In the assessments, monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size while real sector policy targets economic performance in terms of GDP growth. The author also provides the speed of convergence and time required to achieve a 100 percent convergence.

Findings

But for financial intermediary size within the CFA zone, findings, for the most part, support only unconditional convergence. There is no form of convergence within the CEMAC zone.

Practical implications

The broad insignificance of conditional convergence results has substantial policy implications. Monetary and real policies, which are often homogenous for member states, are thwarted by heterogeneous structural and institutional characteristics, which give rise to different levels and patterns of financial intermediary development. Therefore, member states should work towards harmonizing cross‐country differences in structural and institutional characteristics that hamper the effectiveness of monetary policies.

Originality/value

The paper provides warning signs to the CFA zone in the heat of the Euro zone crises.

Article
Publication date: 1 April 2014

Simplice Asongu

A spectre is hunting embryonic African monetary zones: the European Monetary Union crisis. The purpose of this paper is to assess real, monetary and fiscal policy convergence

Abstract

Purpose

A spectre is hunting embryonic African monetary zones: the European Monetary Union crisis. The purpose of this paper is to assess real, monetary and fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary convergence, the imperative of central bankers to apply common modeling and forecasting methods of monetary policy transmission, as well as the requirements of common structural and institutional characteristics among candidate states.

Design/methodology/approach

In the analysis: monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size; real sector policy targets economic performance in terms of GDP growth at macro and micro levels; while, fiscal policy targets debt-to-GDP and deficit-to-GDP ratios. A dynamic panel GMM estimation with data from different non-overlapping intervals is employed. The implied rate of convergence and the time required to achieve full (100 percent) convergence are then computed from the estimations.

Findings

Findings suggest overwhelming lack of convergence: initial conditions for financial development are different across countries; fundamental characteristics as common monetary policy initiatives and IMF-backed financial reform programs are implemented differently across countries; there is remarkable evidence of cross-country variations in structural characteristics of macroeconomic performance; institutional cross-country differences could also be responsible for the deficiency in convergence within the potential monetary zones; absence of fiscal policy convergence and no potential for eliminating idiosyncratic fiscal shocks due to business cycle incoherence.

Practical implications

As a policy implication, heterogeneous structural and institutional characteristics across countries are giving rise to different levels and patterns of financial intermediary development. Thus, member states should work towards harmonizing cross-country differences in structural and institutional characteristics that hamper the effectiveness of convergence in monetary, real and fiscal policies. This could be done by stringently monitoring the implementation of existing common initiatives and/or the adoption of new reforms programs.

Originality/value

It is one of the few attempts to investigate the issue of convergence within the proposed WAM and EAM unions.

Details

African Journal of Economic and Management Studies, vol. 5 no. 1
Type: Research Article
ISSN: 2040-0705

Keywords

Article
Publication date: 10 May 2011

Indra de Lanerolle

The paper aims to identify issues in broadcasting and telecommunications regulation and law arising from technological convergence and to suggest a new framework for an integrated

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Abstract

Purpose

The paper aims to identify issues in broadcasting and telecommunications regulation and law arising from technological convergence and to suggest a new framework for an integrated approach to policy and regulation.

Design/methodology/approach

A set of South African laws, regulations, bills and policy papers is reviewed to establish to what extent they promote, or at least adapt to, technological convergence using three tests: technological neutrality, integration of policy processes and a “level playing field” for competition.

Findings

It is suggested that current law and regulation fails to meet the South African Government's stated aim of promoting convergence. It is suggested that a reason for this may be the difference in the public interest “rationales” for broadcasting and telecommunications regulation, with the former being largely social and political and the latter largely economic. A new paradigm based on the constitutional principle of freedom of expression is suggested as providing a means of establishing a neutral public interest framework for developing and adapting regulation under conditions of technological convergence.

Research limitations/implications

The research methodology is qualitative. Further research on the economic, social and political welfare costs of regulatory failures to adapt to convergence may be helpful in informing policy, legal and regulatory debates in the future.

Originality/value

This paper suggests a new rights‐based means of direct comparison of public interest costs and benefits across broadcasting and telecommunications using a principle that is present in the South African constitution as well as in international law.

Details

info, vol. 13 no. 3
Type: Research Article
ISSN: 1463-6697

Keywords

Article
Publication date: 7 April 2015

Nafisa Priti Sanga and Rajeev Kumar Ranjan

The purpose of this paper is to study Indian aspects of policy convergence in the context of budgetary linkage of two nationalized flagship programs – Mahatma Gandhi National…

Abstract

Purpose

The purpose of this paper is to study Indian aspects of policy convergence in the context of budgetary linkage of two nationalized flagship programs – Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and Integrated Watershed Management Program (IWMP). Therefore, in lieu of inter-departmental convergences; issues related to water resource development of Jharkhand’s (India) rain-fed areas were addressed.

Design/methodology/approach

Centered on policy convergence strategy, present study applied comprehensive review and analysis approach for formulation of research base. A conceptual framework was thus designed for analytical purposes and therefore advancing toward conjectural knowledge base.

Findings

Application of inter-departmental policy convergence strategy suggested ample opportunities for optimal water resource development. Presence of abundant wage labor, rich indigenous water management techniques, tested replicable models, under-harvested rainwater potential, etc., appeared as catalysts of policy convergence. Yet, State’s lack of inter-departmental coordination and grass-root institutional framework will continually challenge policy convergences in absence of good governance.

Originality/value

An initiative of Indian government; MGNREGA has received international attention due to its wider coverage including natural resource management, besides guaranteed wage employment. Targeted at freshwater management discourse of Jharkhand; present paper reviewed prospective inter-departmental policy convergence strategy within various arena of MGNREGA, by exploring associated scopes and challenges. Similarly for cost effectiveness, related to maintenance and lift-irrigation demands of rain-fed area development; the present study suggested optimum utilization of inter-departmental funding linkages for development of sustainable water resources.

Details

World Journal of Science, Technology and Sustainable Development, vol. 12 no. 2
Type: Research Article
ISSN: 2042-5945

Keywords

Article
Publication date: 9 March 2012

Caroline Chatwin

In a recent article in the pages of this journal, the author outlined the hypothesis that, although there have been recent evolutions in European governance effected by the Lisbon…

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Abstract

Purpose

In a recent article in the pages of this journal, the author outlined the hypothesis that, although there have been recent evolutions in European governance effected by the Lisbon treaty, these changes have not brought about any convergence in the national drug policies of European member states. The original article focused on developments in the national drug policies of key member states and based the assessment on their maintenance of key, and significantly different, national policy aims. Standring, in this edition, has offered a critique of that article suggesting that the author has been overly pessimistic in her understanding of the nature of drug policy integration at the European level and that soft integration tools have allowed a high degree of policy convergence in this controversial area. This paper aims to strengthen and confirm the author's position by examining the tools of European drug policy integration.

Design/methodology/approach

Key policy strategies (for example, the European Drug Strategy and Action Plans, European level anti‐drug trafficking frameworks and recent implementations on newly developed psychoactive substances at the European level) are examined here for indications of success or otherwise in the harmonisation (or convergence) of European national drug policies.

Findings

Ultimately, even under these new terms of reference, the paper finds that attempts to either harmonise or converge European national drug policies have done little more than scratch the surface.

Originality/value

The paper suggests that neither the top‐down regulation, here described, nor the soft convergence that Standring envisages are desirable for European drug policy making where they are implemented with the aim of making national drug policies more similar.

Article
Publication date: 9 March 2012

Adam Standring

A response to Chatwin's article (2010), which argues that European harmonisation of illicit drug policies remains far from realisation, this paper seeks to recommend developing a…

201

Abstract

Purpose

A response to Chatwin's article (2010), which argues that European harmonisation of illicit drug policies remains far from realisation, this paper seeks to recommend developing a more specific conceptualisation of European integration in the area of illicit drugs and argues that harmonisation was not a realistic aim of the European Union (EU).

Design/methodology/approach

This is a review paper which seeks to advocate the application of a more rigid analytical framework in drug policy analysis that takes into account the “soft” methods of governance used by the EU. The paper also uses secondary data sources to emphasise the argument.

Findings

Domestic convergence has been observed across a number of policy areas.

Research limitations/implications

The nature and level of convergence remains contested and more data are needed to clarify any trends. Future research would be necessary to demonstrate that convergence occurs as a result of EU action rather than other factors.

Originality/value

There remains little in the way of research on the processes of European integration and their specific impact on drug policy at the European and domestic level. This paper will be of value to scholars in the field of European integration who are seeking to expand their research into a new policy sector, as well as researchers in the drug field who are looking for a more formal analytical framework.

Details

Drugs and Alcohol Today, vol. 12 no. 1
Type: Research Article
ISSN: 1745-9265

Keywords

Article
Publication date: 1 June 2005

Dong‐Hee Shin

This study seeks to survey the current convergence of broadcasting and telecommunication, examine the policy questions that arise in Korea and present a review of current

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Abstract

Purpose

This study seeks to survey the current convergence of broadcasting and telecommunication, examine the policy questions that arise in Korea and present a review of current regulation in this field.

Design/methodology/approach

From a technical perspective, the convergence between telecommunications and broadcasting is emerging as both industries move towards digital standards. Yet, from a policy‐making perspective, convergence seems premature and may not be desirable. This study focuses in particular on the digital media broadcasting (DMB) service, which is currently being developed in Korea.

Findings

The paper suggests perspectives on forthcoming satellite DMB service developments, and the implications of this emerging technological breakthrough. The study indicates that current broadcasting‐based regulatory frameworks may tend to deter technological convergence and thus delay service introduction in the market.

Originality/value

The paper concludes with a new regulatory model with more consideration of service providers and users.

Details

info, vol. 7 no. 3
Type: Research Article
ISSN: 1463-6697

Keywords

Article
Publication date: 1 July 2014

Simplice A. Asongu

– Assessment of African financial development dynamic convergences in money, credit, efficiency and size. The paper aims to discuss these issues.

Abstract

Purpose

Assessment of African financial development dynamic convergences in money, credit, efficiency and size. The paper aims to discuss these issues.

Design/methodology/approach

The empirical evidence is premised on 11 homogenous panels based on regions (Sub-Saharan and North Africa), income-levels (low, middle, lower-middle and upper-middle), legal-origins (English common-law and French civil-law) and religious dominations (Christianity and Islam). The paper examines convergence in financial intermediary dynamics of depth, efficiency, activity and size.

Findings

Findings suggest that countries with small-sized financial intermediary depth, efficiency, activity and size are catching-up countries with large-sized financial intermediary depth, efficiency, activity and size, respectively. The paper also provide the speeds of convergence and time necessary to achieve a full (100 percent) convergence.

Practical implications

The presence of strong links among African banking sectors may present little opportunity for portfolio diversification. The convergence patterns show positive steps toward regional integration. As a policy implication, African governments should not relent in structural and institutional reforms.

Originality/value

It is the first critical assessment of convergence in financial intermediary development dynamics in the African continent.

Details

African Journal of Economic and Management Studies, vol. 5 no. 2
Type: Research Article
ISSN: 2040-0705

Keywords

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