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Article
Publication date: 1 April 2003

Georgios I. Zekos

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…

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Abstract

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.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

Book part
Publication date: 1 October 2008

Chi-Chur Chao, Bharat R. Hazari, Jean-Pierre Laffargue and Eden S.H. Yu

Purpose – This chapter shows that in the presence of tourism, the traditional policy prescription, free trade in goods and the standard Pigouvian tax on pollution, is not…

Abstract

Purpose – This chapter shows that in the presence of tourism, the traditional policy prescription, free trade in goods and the standard Pigouvian tax on pollution, is not optimal for a small open economy.

Methodology/approach – The general-equilibrium analysis is employed to study environmental regulations for a small open economy with tourism.

Findings – Foreign tourists consume mainly local non-traded goods in the tourist-receiving economy. Inbound tourism converts formally non-traded goods into tradables, generating a tourism terms-of-trade effect. Owing to this favourable effect, positive tariffs and stricter pollution taxes can actually improve welfare of domestic residents. The optimal rates of tariffs and pollution taxes are derived and explained for the economy with tourism. These positive rates are confirmed by simulations.

Originality/value of chapter – The presence of tourism can alter the welfare implications of the traditional trade policy.

Details

Globalization and Emerging Issues in Trade Theory and Policy
Type: Book
ISBN: 978-1-84663-963-0

Keywords

Article
Publication date: 1 August 2016

Chikafumi Nakamura

This study aims to analyze exchange rate risks and the choice of exchange rate policies in a small open economy indebted in foreign currency, incorporating the financial…

Abstract

Purpose

This study aims to analyze exchange rate risks and the choice of exchange rate policies in a small open economy indebted in foreign currency, incorporating the financial accelerator mechanism.

Design/methodology/approach

To examine discussions on the fear of floating, this study develops a dynamic stochastic general equilibrium model in which a small open economy model has an open economy financial accelerator mechanism as the external borrowing restriction. The author then compares and analyzes the macroeconomic dynamics in response to an exchange rate shock under different exchange rate systems.

Findings

The most interesting finding is that the currency peg for a foreign currency used in borrowing is more efficient than the trade-weighted currency basket policy, regardless of trade openness or trade share.

Practical implications

The result implies that in discussions on the fear of floating, more attention needs to be paid to exchange rate risks in finance. It also suggests that exchange rate policy used to mitigate exchange rate risks in finance stabilizes macroeconomic volatility more efficiently.

Originality/value

The paper provides an answer to the question: which is the more serious problem in the fear of floating and to what would the regime be anchored.

Details

Journal of Financial Economic Policy, vol. 8 no. 3
Type: Research Article
ISSN: 1757-6385

Keywords

Abstract

Details

Modelling the Riskiness in Country Risk Ratings
Type: Book
ISBN: 978-0-44451-837-8

Abstract

Details

Functional Structure Inference
Type: Book
ISBN: 978-0-44453-061-5

Article
Publication date: 27 July 2012

Jihene Bousrih

The purpose of this paper is to deal with the dynamics of a Neo‐Keynesian model applied to a small open economy, in order to show the impact of commercial openness on the…

Abstract

Purpose

The purpose of this paper is to deal with the dynamics of a Neo‐Keynesian model applied to a small open economy, in order to show the impact of commercial openness on the choice of the optimal inflation target.

Design/methodology/approach

The author uses a neo‐Keynesian model with calibration for Chile.

Findings

The results show that there is a relation between the degree of openness and the type of inflation targeting policy.

Originality/value

The originality of the paper is to use a neo‐Keynesian model to deal with a small open economy, which uses inflation targeting as a monetary rule.

Details

Journal of Financial Economic Policy, vol. 4 no. 3
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 12 January 2015

Paresha Sinha, Mingyang (Ana) Wang, Joanna Scott-Kennel and Jenny Gibb

This paper aims to examine the role of psychic distance during the process of international market entry by software international new ventures (INVs) from small, open

Abstract

Purpose

This paper aims to examine the role of psychic distance during the process of international market entry by software international new ventures (INVs) from small, open economies. Specifically, we investigate how home market and global industry contexts influence market-entry strategies, and how psychic distance influences initial then subsequent market-entry choice decisions.

Design/methodology/approach

Using Atlas.ti7 software, this paper adopts a qualitative, multi-case analysis of ten software INVs based in New Zealand. Thematic coding of interview and secondary data revealed three core processes: pre-entry considerations, market selection criteria and post-entry evaluation, across the stages of initial and subsequent market entry.

Findings

In the context of the global software industry, the key driver of proactive market entry by INVs from small, open economies is market size rather than psychic distance. During the process of market expansion, firms encounter the psychic distance paradox (PDP). A second paradox arises when, despite experiential learning, managerial perceptions of psychic distance increase, making entry into more distant markets less, rather than more, likely and reactive, rather than proactive.

Originality/value

This paper addresses contextual differences in software versus more traditional sectors, and the influence of psychic distance on market entry rather than outcomes. Specifically, extending our understanding of the PDP, we find perceptual psychic and cultural distance ignored as criteria for initial market-entry decisions, and initial positive attitudes toward risk-taking become less apparent during subsequent entries.

Details

European Business Review, vol. 27 no. 1
Type: Research Article
ISSN: 0955-534X

Keywords

Article
Publication date: 4 May 2020

Muhammad Rehman, Sajawal Khan, Zafar Hayat and Faruk Balli

In this paper, the authors develop and estimate a small open economy dynamic stochastic general equilibrium (DSGE) model with an enriched micro-founded specification to…

Abstract

Purpose

In this paper, the authors develop and estimate a small open economy dynamic stochastic general equilibrium (DSGE) model with an enriched micro-founded specification to account for foreign remittances, an important source that helps bridge the trade gap in many developing and emerging market economies.

Design/methodology/approach

Although the authors’ specification provides a general frame for the analysis of the role of workers' remittances, they motivate and calibrate the model with specific focus on Pakistan, where most of the trade deficit is met through the remittance channel.

Findings

The results indicate that a negative shock to workers' remittances hampers real growth via decreased consumption and imported investment goods, while it builds pressure on exchange rate and hence worsens current account balance. These results indicate that too much dependence on workers' remittances to help meet foreign exchange deficits may potentially leave the economy in doldrums in case sizable negative shocks occur to the flow of foreign remittances.

Originality/value

The authors develop and estimate a small open economy DSGE model with an enriched micro-founded specification to account for foreign remittances, an important source that helps bridge the trade gap in many developing and emerging market economies.

Details

Journal of Economic Studies, vol. 47 no. 6
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 13 June 2016

Mika Nieminen, Torsti Loikkanen and Antti Pelkonen

The purpose of this paper is to explore and discuss possible future pathways of the Finnish science, technology and innovation (STI) system. The paper sketches three…

Abstract

Purpose

The purpose of this paper is to explore and discuss possible future pathways of the Finnish science, technology and innovation (STI) system. The paper sketches three speculative pathways for the Finnish STI system.

Design/methodology/approach

Theoretical considerations behind the pathways are based on analyses of the determinants and behaviour of small open economies, their innovation systems and governance. The empirical background of the paper is in the current trends of the Finnish economy and STI system. The analysis of pathways is based on three dimensions: institutionalized policy environment and economy, domestic interest groups and policy and STI institutions and funding. Changes in these dimensions are analysed by paying special attention to two variables: the position of the nation state and the general economic development.

Findings

The first future pathway outlined is based on an optimistic view by setting Finland on the basis of past success factors as an European and global STI hotspot. The second pathway is based on the assumption that the Finnish STI system will be increasingly subordinated to international structures and decision-making. The third one is geared around the assumption that the Finnish STI system will be dominated by industries.

Research limitations/implications

While Finland has been seen as a European showpiece of innovation since the early 2000s, currently the country’s national economy and STI system are undergoing a critical period. The paper sheds light on this transformation and its potential future outcomes and attempts to raise debate on the options policy makers may face in the increasingly complex global environment in small countries.

Originality/value

The paper introduces potential future avenues for the Finnish STI system and provides a contribution to the debate of the future of small countries’ STI systems and innovation policies by emphasising the limited space of the STI policy choices and how the development paths and space for policy making evolve from the interaction of socio-economic factors between domestic and wider international context.

Book part
Publication date: 16 October 2003

Michele Fratianni

This paper reviews the thirteen-year record of Open Economies Review (OER), an economics journal specializing in issues of the open economy, both at the micro and macro…

Abstract

This paper reviews the thirteen-year record of Open Economies Review (OER), an economics journal specializing in issues of the open economy, both at the micro and macro levels. It first examines the journal’s output – defined by number and type of articles published, location of the authors’ institutional affiliation, recurrent themes, and rejection rates – and then critically assesses the development of big themes in international economics and finance, where OER authors have made a contribution. The main conclusion is that national border represents a big constraint to the expansion of the open economy, a point not lost by OER authors.

Details

Leadership in International Business Education and Research
Type: Book
ISBN: 978-1-84950-224-5

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