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1 – 10 of over 2000The aim of this chapter is to draw attention to the changes that have taken place in Czechia in the last 20 years in the field of foreign trade, focussing on the key milestones of…
Abstract
The aim of this chapter is to draw attention to the changes that have taken place in Czechia in the last 20 years in the field of foreign trade, focussing on the key milestones of 2002, 2012 and 2022. The chapter also explains the important link between the performance of foreign trade and economic growth; this link has its support in theory, and above all in empiricism. The importance of foreign trade for economic growth is key, especially from the point of view of changes in the territorial and commodity structure, which saw several important changes in the observed period 2002–2022, so we can relevantly explain the effects on the economic growth of Czechia. However, the chapter finds a connection with yet another economic category, which is competitiveness. The method of measuring and subsequent ranking of competitiveness is also of utmost importance. If the economy is to be competitive, it must have its own strategy, and this directly concerns the key instruments of pro-export policy.
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Amanpreet Kaur, Vikas Kumar, Rahul Sindhwani, Punj Lata Singh and Abhishek Behl
Due to the financial disturbances created by the COVID-19 pandemic and the burden on the government exchequer, it is expected to see a rise in the knowledge base of the research…
Abstract
Purpose
Due to the financial disturbances created by the COVID-19 pandemic and the burden on the government exchequer, it is expected to see a rise in the knowledge base of the research corpus so far as the government's fiscal sustainability is concerned. Therefore, the present research examines a systematic quantitative analysis of public debt sustainability research by applying a bibliometric approach. Research also analyzes journals, institutions, countries and authors contributing to public debt sustainability.
Design/methodology/approach
This paper scrutinizes the published scientific research on public debt sustainability based on the dataset of 535 articles from 1991 to 2021 obtained from the Scopus database. Biblioshiny (R-based application) and VoSviewer software were used to perform bibliometric analysis through Performance analysis and science mapping techniques. The authors combined co-citation analysis (CCA), bibliometric analysis, keyword co-occurrence analysis (KCA) and a conceptual thematic map of the most cited articles to find the intellectual structure.
Findings
The research identified three dominating clusters, e.g. fiscal sustainability and policy rules, empirical sustainability testing and debt and growth dynamics. Another finding was that most articles were analytical and empirical and few descriptive articles were found. Owing to the empirical nature of the domain, the issues concerning public debt sustainability have continued to change over the past decades for different economies, reflecting the complexity and diversity of economic structures of different economies at different times.
Originality/value
The insight of this article provides academicians and researchers with a more refined comprehension of the conceptual and intellectual structure of the research corpus. The present research complements the existing literature review studies by pushing the research towards emerging or less developed issues such as financial and debt crises.
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Government spending plays a crucial role in fiscal policy in any country, both as a tool for implementing individual government policies and as a possible instrument for…
Abstract
Government spending plays a crucial role in fiscal policy in any country, both as a tool for implementing individual government policies and as a possible instrument for mitigating uneven economic developments and economic shocks. This chapter provides direct empirical evidence on the development and structure of general government expenditure and its relationship with real economic growth in Czechia and the European Union countries. Compared to theoretical recommendations, general government expenditure has not been used as a stabiliser in Czechia and EU countries and has been observed to be pro-cyclical in the period under review. Granger causality analysis identified the direction of causality between the macroeconomic variables analysed and found that in most cases economic growth came first, followed by government spending.
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Daniel Stavárek and Michal Tvrdoň
Czechia is a small open economy and a member state of the European Union. Several important trends and episodes that have determined economic growth can be identified over the…
Abstract
Czechia is a small open economy and a member state of the European Union. Several important trends and episodes that have determined economic growth can be identified over the last two decades. This chapter deals with some macroeconomic features like macroeconomic and labour market performance within the business cycle, the Czech National Bank (CNB) exchange rate commitment and interest rate policy, increasing indebtedness and budget deficits, foreign trade and the international investment position. We applied publicly available data from Eurostat, the Organisation for Economic Co-operation and Development and CNB databases. The data show that the Czech economy was significantly converging to the average economic level of the European Union. We also identified key turning points in business cycles. Macroeconomic data on economic development of the economy indicate an atypical course of the business cycle between 2020 and 2022, which can be evaluated as different from the one that followed the global financial crisis.
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Lars Mjøset, Roel Meijer, Nils Butenschøn and Kristian Berg Harpviken
This study employs Stein Rokkan's methodological approach to analyse state formation in the Greater Middle East. It develops a conceptual framework distinguishing colonial…
Abstract
This study employs Stein Rokkan's methodological approach to analyse state formation in the Greater Middle East. It develops a conceptual framework distinguishing colonial, populist and democratic pacts, suitable for analysis of state formation and nation-building through to the present period. The framework relies on historical institutionalism. The methodology, however, is Rokkan's. The initial conceptual analysis also specifies differences between European and the Middle Eastern state formation processes. It is followed by a brief and selective discussion of historical preconditions. Next, the method of plotting singular cases into conceptual-typological maps is applied to 20 cases in the Greater Middle East (including Afghanistan, Iran and Turkey). For reasons of space, the empirical analysis is limited to the colonial period (1870s to the end of World War 1). Three typologies are combined into one conceptual-typological map of this period. The vertical left-hand axis provides a composite typology that clarifies cultural-territorial preconditions. The horizontal axis specifies transformations of the region's agrarian class structures since the mid-19th century reforms. The right-hand vertical axis provides a four-layered typology of processes of external intervention. A final section presents selected comparative case reconstructions. To the authors' knowledge, this is the first time such a Rokkan-style conceptual-typological map has been constructed for a non-European region.
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Muhammad Jawad Haider, Maqsood Ahmad and Qiang Wu
This study examines the impact of debt maturity structure on stock price crash risk (SPCR) in Asian economies and the moderating effect of firm age on this relationship.
Abstract
Purpose
This study examines the impact of debt maturity structure on stock price crash risk (SPCR) in Asian economies and the moderating effect of firm age on this relationship.
Design/methodology/approach
The study utilized annual data from 432 nonfinancial firms publicly listed in six Asian countries: China, Hong Kong, Japan, Singapore, Pakistan and India. The observation period covers 14 years, from 2007 to 2020. The sample was categorized into three groups: the entire sample and one group each for developing and developed Asian economies. A generalized least squares panel regression method was employed to test the research hypotheses.
Findings
The results suggest that long-term debt has a significant negative influence on SPCR in Asian economies, indicating that firms with high long-term debt experience lower future SPCR. Moreover, firm age negatively moderates this relationship, implying that older firms may experience a more pronounced reduction in SPCR due to high long-term debt. Finally, firms in developed Asian economies with high long-term debt are more effective in mitigating the risk of a significant drop in their stock prices than firms in developing Asian economies.
Originality/value
This study contributes to the literature in several ways. To the best of the researcher’s knowledge, this is the first of such efforts to investigate the relationship between debt maturity structure and crash risk in Asia. Additionally, it reveals that long-term debt influences SPCR directly and indirectly in Asia through the moderating role of firm age. Lastly, it is likely one of the first studies by a research team in Asia to compare the nonfinancial markets of developed and developing Asian countries.
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Rexford Abaidoo and Elvis Kwame Agyapong
The study evaluates the role of institutional framework and macroeconomic instability on financial market development among emerging economies.
Abstract
Purpose
The study evaluates the role of institutional framework and macroeconomic instability on financial market development among emerging economies.
Design/methodology/approach
The study uses panel data compiled from 32 countries from the sub-region of Sub-Sahara Africa (SSA), covering the period starting from 1996 to 2019. Empirical analyses were carried out using the two-step system generalized method of moments (TS-GMM) statistical framework.
Findings
Reviewed results suggest that institutional quality, effective governance and corruption control have a significant positive impact on financial market development among economies in the sub-region. Further empirical estimates show that macroeconomic risk and macroeconomic uncertainty have significant adverse effects on financial market development. Additionally, reported empirical estimates suggest that an improved institutional framework has the potential to lessen the adverse effect of macroeconomic instability on financial market development among economies in the sub-region.
Originality/value
The uniqueness of this empirical inquiry compared to related studies in the present literature stems from the fact that studies employing similar empirical approaches on the subject matter for economies in the sub-region are rare. Additionally, the analysis pursued in this study employs critical variables whose impact on financial market performance in the sub-region has not been examined per our review. These variables include indexes such as macroeconomic risk and institutional quality, which are unique to this study based on their construction; these indexes are generated using a principal component analysis procedure with different underlying variables compared to what may be found in the literature.
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Amer Al-Roubaie and Bashar Matoog
This chapter aims to discuss the challenges facing these countries building productive capacity for development. This chapter makes use of data published by international…
Abstract
This chapter aims to discuss the challenges facing these countries building productive capacity for development. This chapter makes use of data published by international organizations as indicators for measuring the state of development in the Arab region. Several indicators are presented to compare Arab countries with other world regions. The use of data identifies some of the gaps that countries in the Arab region need to close to strengthen capacity building for development and fostering economic growth. The findings from the data presented reveal that the productive structure in most Arab countries remains weak to generate production linkages and provide incentives for investment in nonenergy sectors. The failure of the export-led growth model to diversify output and promote development in energy producing countries has increased the dependence of these countries on global trade. Fluctuations in commodity prices and uncertainty about global demand for energy have influenced the ability of the state to construct strategies for rapid transformation. Except for the energy sector, the productivity of nonoil sectors remains low reflecting inadequate incentives and ineffective entrepreneurial capabilities. The study examines the challenges for building productive capacity in the Arab world. It illustrates the failure of the led-export model and its inability to prompted economic diversification, especially in the Gulf countries. The study contributes to the literature on capacity building in the Arab world so that to encourage researchers and students of development conducting studies concerning the main development challenges facing these countries.
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Charis Vlados and Dimos Chatzinikolaou
This study aims to analyze the emergence of a new structural configuration of globalization, with the 2008 global financial crisis serving as the first symptom of this change. By…
Abstract
Purpose
This study aims to analyze the emergence of a new structural configuration of globalization, with the 2008 global financial crisis serving as the first symptom of this change. By introducing the “Evolutionary Structural Triptych” (EST), this research seeks to understand the basic components of the new evolutionary trajectory of global capitalism post-2008. The study places emphasis on its interdependent and coevolving economic, political and technological dynamic facets.
Design/methodology/approach
This research introduces the EST framework, critically contrasting it with conventional understandings in international political economy (IPE) to provide a comprehensive and structured analysis of global developments after 2008. It traces the phases of global capitalism since Second World War, examines the central dynamic dimensions during each evolutionary phase, identifies the basic patterns and delves into the foundational elements of the emerging era of globalization.
Findings
The analysis reveals three key findings. First, the emerging restructured globalization indicates a need for a new balance in the contemporary world system; however, this balance cannot be achieved within the architecture of the old system. Second, the new era of globalization necessitates a re-equilibrated approach across different dimensions of geopolitical stability, economic development and innovation. This approach should emphasize sustainability, adaptability, resilience and inclusivity and lean toward responsible, open and organic innovation models for a revamped global structure. Third, while many current IPE theories tend to compartmentalize aspects of the new globalization, the EST advocates for a holistic perspective that integrates politics, economics and technology within the framework of global trends. This perspective bridges existing gaps and offers actionable insights for a dynamic and inclusive global future.
Originality/value
The paper presents the EST as a novel analytical instrument in the realm of the modern IPE. This tool uniquely places technology and innovation at the forefront, parallel to economic and political spheres, to comprehend the progression of globalization. In doing so, it highlights the intertwined relationship of these structural dimensions in shaping the future of the subject of the IPE.
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Alcides J. Padilla and Jorge David Quintero Otero
The purpose of this paper is to assess sub-national business cycle (BC) synchronization's impact on national cycles in four emerging markets economies with inflation targeting…
Abstract
Purpose
The purpose of this paper is to assess sub-national business cycle (BC) synchronization's impact on national cycles in four emerging markets economies with inflation targeting (IT-EMEs): Brazil, Colombia, South Korea and Mexico.
Design/methodology/approach
The authors use panel data models with fixed-effects and distributed lags.
Findings
The authors disclosed that sub-national synchronization increased national cycle amplitudes during expansion and recession phases. The authors also noticed that South Korea exhibited a more pronounced effect compared to Latin American countries, and this seemed to be associated with differences in the homogeneity of the production structures in the regions of these countries.
Research limitations/implications
The authors cautioned that contrasting the findings with prior research on the effects of regional BC synchronization in IT-EMEs or with studies in different geographical contexts, is not possible due to the absence of prior research endeavors with this specific focus.
Originality/value
This study constitutes a first attempt to explain the impact of subnational cycle synchronization on the magnitude of national cycles in four IT-EMEs.
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