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The Belt and Road Initiative (BRI) is a project led by China that aims to create connections in infrastructure, economics, and culture across continents. This article presents a collection of scholarly papers that examine the impact of the BRI on international relations and economic development. The papers cover topics such as debt strategies, geopolitical tensions, legal systems, infrastructure investment, market integration, financial development, and the "soft connectivity" of rules under the BRI. The papers provide insights into the current state and future trajectory of the initiative, offering a comprehensive understanding of its economic and political implications. This resource is valuable for policymakers, academics, and professionals involved with or affected by the BRI. [Extracted from the article]

Every day more and more it is accepted the idea that the Covid-19 pandemic is the biggest historical event of the last 30 years that is bringing socio-economic change all over the world. This situation is bringing concepts transformation of the theoretical bases, as well as economic policies which are undergoing radical transformations, changes that are the subject of this paper. In the article is analyzed in theoretical and practical terms, the expected effects of policies used in this situation, to overcome it. Special place has taken the changes in the economic relations of the world powers, the change of development models in general and economic systems in particular. In terms of study methodology, the paper tries to prove statistically the consequences of using economic leverage in economies of developed countries, changes in the labor market, the effects of the local economic situation of each country, as well as the role of economic groups and international organizations in overcoming the consequences of pandemics. It identifies macroeconomic forecast targets, new forms of development risk assessment, the role of digitalization in economy, health market restructuring, etc. As the conclusions I have been trying to give answers questions: Are we facing unthinkable changes? Is the role of Central Banks changing? What is going to be with debt, deficit or inflation? How it will be resolved unemployment problem and what are the changes in the labor market? Is it going to change the economic model, or social inequality?. [ABSTRACT FROM AUTHOR]

In the context of proposals for a stronger focus on results in Cohesion Policy post-2020, it is necessary to strengthen the link between interventions and evidence on effectiveness. This paper argues that growth regressions and regression discontinuity analysis focusing on regional growth do not provide sufficient detail to support policy-makers in intervention design. A more nuanced picture would be achieved by unpacking intervention in different policy areas at the micro-level and analyzing the channels through which policy contributes to economic growth. The paper reviews the main direct and indirect transmission channels in three areas: research and innovation; support to enterprises; and infrastructure. In this respect, impact evaluations at beneficiary and, in particular, firm level offer a rich potential source of evidence and need to be systematically built into data collection and evaluation of post-2020 Cohesion Policy. [ABSTRACT FROM AUTHOR]

Copyright of Al Bashaer Economic Journal is the property of Al Bashaer Economic Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The Economic Society of Australia has made the decision to stop producing hard copies of its journals in an effort to reduce paper and plastic usage and cut costs. Starting in January 2024, all financial members of the society will have free access to the journals through the society's website. The article also mentions that the 52nd Australian Conference of Economists will be held in July 2024 at the University of Adelaide, with Professor Leonardo Bursztyn as one of the keynote speakers. Additionally, the text pays tribute to the late Professor Max Corden, a highly respected economist known for his contributions to international economics and Australian economic policy. The first part of the text provides an overview of Max Corden's career and his impact on Australian public policy. The second part is an obituary for Brian Parmenter, a colleague of the author, highlighting his personality and contributions to economic modeling. The author also shares personal experiences working with Brian and describes his coaching and mentoring abilities. The text concludes with a summary of Brian's employment history. [Extracted from the article]

Purpose – This paper is a historical account of the process by which Michael Porter and INCAE Business School put together a regional competitiveness strategy for Central America that was officially adopted by the governments of five participating countries, and implemented through a series of Presidential Summits that occurred between 1995 and 1999. The paper provides a unique case study on the adoption of the concepts put forth by Porter in his book “The Competitive Advantage of Nations” (1990) at the highest level of government. The study arrives at a series of practical implications for policy makers that are particularly relevant for the implementation of supra-national regional strategies. Design/methodology/approach – The authors conduct an extensive literature review of 190 policy papers produced by INCAE Business School, that are used to recreate the historical evolution of the regional competitiveness strategy. The effect of Porter’s intervention is also assessed by comparing the main economic indicators of each participating country with those of 2005-2010. One of the authors was the main protagonist in the successful implementation of the strategy, and the paper relies partially on his accounts of events. Findings – This study describes how economic policy in Central America was profoundly influenced by Michael Porter’s thinking in the second half of the 1990s. These policy changes promoted international competition of Central American clusters and firms, and opened the region for international investment and tourism. The region experienced important increases in its economic integration, its international trade, foreign direct investment and tourist arrivals. Gross domestic product growth was accelerated in Honduras and Nicaragua. Research limitations/implications – Like all case studies, this study has limits related to the generalizability of its conclusions. Additionally, it is not possible to determine the precise nature of the relation between the implementation of the regional economic strategy, and the impact on economic growth, integration, FDI attraction and exports. Practical implications – The paper has several practical implications that relate to the design of regional economic strategies. First, it identifies policy areas that are more effective as part of regional strategies, and distinguishes them from those that should be resolved at the national level. Second, it suggests a process that can facilitate execution. Finally, it provides an example of the coordinating role that can be assumed by an academic institution such as INCAE. Originality/value – The Central American Competitiveness Initiative provides a unique setting to study the implementation of competitiveness policy for several reasons. First, in all countries in Central America, Michael Porter’s diamond framework (1990) and cluster theory were officially adopted at the highest level of government. Second, in addition to their individual competitiveness strategies, all countries adopted a regional strategy for cooperation and economic integration. Finally, the Central American Competitiveness Initiative was founded on one of the first competitiveness think tanks of the world. [ABSTRACT FROM AUTHOR]

Copyright of Studies in Politics & Society / Polityka & Społeczeństwo is the property of University of Rzeszow and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article introduces a series of papers prepared for the "2016 Law and Development Conference: From the Global South Perspectives," held in Buenos Aires, Argentina and co-sponsored by Universidad Austral, the Law and Development Institute and the Inter-American Development Bank's Institute for the Integration of Latin America and the Caribbean (INTAL). The introduction aims to show one of the major contributions from the law and development field of study: scholars reveal the frequent disconnection between law and development; then, by uncovering contextual factors and proposing innovative solutions, they reconnect law with development. This provides an important support for the adoption of national development policies and the implementation of international development projects. Over forty years after the seminal paper by Trubek and Galanter,1 scholars are no longer in self-estrangement. The papers presented in the Special Issue illustrate this point. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to evaluate the effectiveness of the European Union’s (EU) economic governance framework as a key component and driver of the EU - Economic and Monetary Union (EMU). Considerable measures to strengthen the EMU have been undertaken in recent years. In spite of this, its effectiveness in tackling challenges that might appear especially in times of crisis, is still called into question. The creation or reformation of institutions seems to be the most efficient manner in which the Eurozone can advance policies and mechanisms meant to stimulate economic growth. We have found that the major obstacles to more efficiency are two components: 1. the political dimension of the EU – or better said political interference of MS’s to protect their own interests; 2. weak EU leadership and vision – this, together with political interests, dilutes significantly the building of institutions, creation and enforcement of policies. Ultimately the question of improving effectiveness of EU economic governance lies in the EU’s ability to build a stronger foundation for its institutions. As a modern political and economic entity, subjugated to the MS’s, the EU must maintain a balance between state powers and institutional powers, a legal and democratically accountable system of governance, the enforcement and respect of law, whilst also protecting economic growth and the right for a better future. [ABSTRACT FROM AUTHOR]

The paper analyzes in constitutional and institutional economic terms Joseph’s economic policies, such as changes to property rights arrangements for farming, the introduction of a barter tax on crop production, and the multi-layered bureaucratic hierarchies of Egypt. Utilizing Buchanan’s approach to constitutional economics, I argue that these policies lowered attack/defense costs as they arise, when a group attempts to escape from the natural distribution state (the “war of all”, as Hobbes called it). A key thesis is that this encouraged interacting parties, already on the grounds of selfinterested choice, to engage in societal contracting out of the “war of all,” thereby reaping mutual gains. Complementary to this strand of analysis, I have drawn on other institutional economic concepts, particularly those that were introduced by Williamson, and by North and Weingast. The paper argues in this respect that Joseph’s policies credibly and more reliably guaranteed property rights, which in turn lowered transaction costs of the interacting parties, i.e. Egypt and Israel. This ultimately yielded mutual gains and high economic performance for the society depicted in Genesis. In this way, cooperation was generated in economic terms. [ABSTRACT FROM AUTHOR]

This paper analyzes the impact of the European Union's Cohesion Policy on firm growth in the programming period 2007–13 in seven European countries. Results show that Cohesion Policy support promotes firm growth in size (value added and employment) more than in productivity. However, even when the policy is the same and similar projects and beneficiaries are considered, its effectiveness varies across different territorial contexts, among but also within countries. In several cases, the impact of grants on firm growth is larger in regions with lower income or scant endowments of territorial assets, most likely because firms in those regions cannot rely on external assets. [ABSTRACT FROM AUTHOR]

This paper sets out to estimate the contribution of European Union co-financed and nationally funded public investment expenditures to regional growth in Greece during the period 2000–14. The results are sensitive to the time period and the geographical level of the interventions. While nationally funded projects boosted the growth performance of the regions before the eruption of the economic crisis, there is no indication that the European Union co-financed projects have led to increased growth. The results question the additionality and coordination between European Union Cohesion Policy and the domestic regional policies for the promotion of regional growth in the less well-off regions of Europe. [ABSTRACT FROM AUTHOR]

With the prospective exit of the UK from the European Union (EU), a crucial question is whether EU Structural Funds have been beneficial for the country and which aspects of Cohesion Policy should be maintained if EU funds are to be replaced. This paper addresses this question through a twofold investigation, assessing not only whether but also how EU funds have contributed to regional growth in the UK from 1994 to 2013. It documents a significant and robust effect of Cohesion Policy in the UK, with higher proportions of Structural Funds associated with higher economic growth both on the whole and particularly in the less developed regions of the country. In addition, it is shown that the strategic orientation of investments also plays a distinct role for regional growth. While concentration of investments on specific pillars seems to have no direct growth effects, unless regions can rely on pre-existing competitive advantages in key development areas, clear evidence is unveiled that targeting investments to specific areas of relative regional need has a significant and autonomous effect on growth. These findings have important implications for the design of regional policy interventions in Britain after Brexit. [ABSTRACT FROM AUTHOR]

The reader can find here a short introduction to the Macroeconomic Modeling and Empirical Evidence in the Wake of the Crisis discussion made at the "International Conference on Economics, Economic Policy and Sustainable Growth after the Crisis" (held at the Marche Polytechnic University, Ancona, Italy, September 8–10, 2016). [ABSTRACT FROM AUTHOR]

The object of the study is the competitiveness of the economies of the Eurasian Economic Union (EAEU) countries. Assessment of the level of competitiveness is one of the urgent problems of the modern economy. There are still no uniform methods and standards in the world for defining the concept of «competitiveness of the economy», methods for its assessment and factors influencing it, which raises many questions regarding the comparison of the level of development and competitiveness of world economies. Given the comparative advantages of economies, different methodological approaches may produce different results in relation to the competitive position of a given country. In the course of the study, the author presented the developed mathematical model for calculating the competitiveness of the similarity and dissimilarity index, which comprehensively characterizes the state of the economy of the Eurasian Economic Union countries. Thus, comparing the measure of similarity or dissimilarity of countries according to different methods will undoubtedly give a comprehensive idea of their competitiveness, as well as allow the development of an appropriate and effective economic policy. The analysis in the paper of the dynamics of the index of similarity and dissimilarity in the external economic activities of Kazakhstan with the EAEU countries over the years, it is possible to establish the trend observed in this process, and, consequently, to determine the strategy of international economic relations for the future. The results of the study can be used by government agencies that make decisions in the field of trade, economic and investment cooperation. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to examine the dramatically changed role of Russia in the global economy since the dissolution of the Soviet Union in 1991, as the Soviet institutions collapsed and were either reformed or replaced in a new Russian institutional landscape. The paper presents a fact-based and balanced view of Russia's evolving role in the global economy, as distinguished from the sometimes one-sided view presented by some Western commentators. The authors establish that the two countervailing views are fundamentally based on different cultural perspectives about institutions, primarily the roles of business and government. Design/methodology/approach: This paper is developed as a perspectives article drawing upon the decades of academic and business experience of all three authors with Russian business, management and the economy. The paper focuses on the structure of Russian institutional change and places it within the historical context of the challenges of various periods of time from the late 1980s to the present. The authors posit that cultural foundations complicate that institutional evolution. Findings: Russia will remain a major player in world markets for energy, raw materials and armaments for the near future at least. Principal institutional questions facing Russia have to do with how to reduce the country's overall dependence on raw material exports, with its vulnerability to world market fluctuations, and how to modernize Russian economic and political institutions. The degree of success in addressing these questions will depend largely upon the ability of the new and reformed economic institutions to show the flexibility to respond to changes in the global order, on whether political considerations will continue to supersede economic issues, and how markedly cultural traditions will continue to impede positive changes. Research limitations/implications: The entire system of international trade is under question, disrupted by the growing nationalism that is threatening the globalization that became institutionalized over decades in the wake of the Second World War. Russia's future role is partially dependent upon how new patterns of international trade develop in response to the current disruption of established trade regimes, and by how political conflicts are expressed economically. The authors observe that Russia's historical and cultural traditions, especially acquiescence to a highly centralized government with a strong autocratic leader, limit the country's options. The authors explore how Russia's reactions to Western sanctions have led to a new strategic approach, moving away from full engagement in the global economy to selective economic, and sometimes political, alliances with primarily non-Western countries, most notably China. The authors contrast Russia's situation with that of China, which has been able to make substantial economic progress while still embracing a strong, centralized political institutional structure. Originality/value: Many Western analysts have viewed Russian institutional evolution very critically through the lens of Western politics and sanctions, while Russia has continued along its own path of economic and institutional development. Each view, the authors argue, is based upon differing cultural perspectives of the roles of business and government. As a result, a distinct difference exists between the Western and Russian perspectives on Russia's role in the world. This paper presents both points of view and explores the future of Russia's position in the world economy based upon its evolving strategy for national economic policy. The authors contrast the situations of Russia and China, highlighting how Western-centric cultural views have affected perceptions of each country, sometimes similarly and at times with decided differences. [ABSTRACT FROM AUTHOR]

This paper discusses Indo-Soviet economic relations as one aspect of international relations between the empire Soviet Union and the nation-state India. The discussion goes beyond classic Cold War interpretations. The paper analyzes complex interrelations and contradictions of Cold War, Decolonization, and global economic conditions. The analysis shows that Soviet expectations tended to overlook socialist-capitalist interdependencies as well as the decisive influence of Indian aims and activities. Nehru's so-called socialistic pattern of society did not replicate the Soviet model. Moscow expected the economic cooperation to propel socialist developments in India. At the same time, it should provide the socialist world with necessary support for its competition with the West. These different aims and motivations led to lasting contradictions and incompatibilities in economic relations. The paper focuses on central characteristics of Soviet approaches. It reconstructs main fields and practices of Indo-Soviet economic cooperation, analyses inherent contradictions, and discusses results and implications. [ABSTRACT FROM AUTHOR]

This paper examines the contemporary aid effectiveness architecture in Pakistan in the light of the 2005 Paris Declaration (PD) on Aid Effectiveness. First, it looks at the PD commitments and explores the factors that prompted the emergence of the PD at the global level. The paper then examines policy initiatives undertaken as well as institutional set ups established by the Government of Pakistan (GoP) for effective utilization of foreign aid within the PD framework. The main aim is to explore the gaps and linkages between the international aid effectiveness agenda of the PD and the strategies formulated by the GoP for its promotion at the national level. To this end, both the PD doctrine and GoP plans are critiqued to examine to what extent these fulfill the prerequisites for improving aid effectiveness. [ABSTRACT FROM AUTHOR]

The article assesses the costs and benefits of the import substitution strategy (ISS) of the government of Indonesia and the impact of the ISS measures on industry performance. Topics include the impact of protectionist policies on the local input industries, the effect of protectionism on performance indicators such as employment and productivity of the intermediate input industries, and the manufacturing sector in Indonesia.

The ten Southeast Asian economies will announce the formation of an ASEAN Economic Community (AEC) on 31 December 2015. The AEC aspires to deliver an integrated market and production base with the free movement of goods, services, capital and skilled labour. However, member economies are still a long way from achieving an integrated production space as they have not yet fulfilled all the stipulated targets set in the 2007 AEC Blueprint. A possible explanation for the current state of economic integration is the presence of conflicting domestic economic interests in member countries. This paper reviews the literature on this issue and synthesizes main observations from selected country studies examining the nature o f these conflicting interests. It concludes by providing key policy recommendations for fostering domestic consensus in the respective countries studied in this special issue so that they may support the implementation of their respective commitments as well as deeper ASEAN economic integration beyond 2015. [ABSTRACT FROM AUTHOR]

This paper examines causes and consequences of corruption within the process of economic development. Drawing on experiences and insights accumulated during the post-war period and reflected in a growing body of academic research, the paper analyzes institutional mechanisms that sustain corruption and the impact of corruption on development. It argues that many forms of corruption stem from the distributional attributes of the state in its role as the economy's central agent of resource allocation. It also addresses the question of what can be done about corruption and discusses the role of economic policies in developing incentives and institutions to reduce its incidence. [ABSTRACT FROM AUTHOR]

This paper identifies and analyses some key challenges that OECD and partner economies may face over the coming 50 years if underlying global trends relating to growth, trade, inequality and environmental pressures prevail. It highlights the growing need for international policy coordination and cooperation in a number of areas. For example, global growth is likely to slow and become increasingly dependent on the diffusion of knowledge and technology, while the economic costs of environmental damages will mount. The rising economic importance of knowledge will tend to raise returns to skills, likely leading to further increases in earning inequalities within countries. While increases in pre-tax earnings do not automatically transform into rising income inequality, the ability of governments to cushion this impact may be limited, as rising trade integration and consequent rising mobility of tax bases combined with substantial fiscal pressures may hamper such efforts. The paper discusses to what extent national structural policies and heightened international cooperation can address these and other interlinked challenges outer the coming 50 years. [ABSTRACT FROM AUTHOR]

Cluster policies around the world take many shapes and forms. This statement is particularly true in case of Asian countries where cluster policies are as much differentiated as the economies of the region. This diversity is illustrated by the following examples: the Knowledge Clusters in Japan, Specialized Towns Program in China, provincial cluster development policy in Thailand, craft villages in Vietnam and Micro and Small Enterprises - Cluster Development Programme in India. This paper indicates the policy creation process based on multi actors and multi levels as the source of this diversity. On the road to the best possible cluster policy mix, one should take into consideration the cohesion and adequacy of the policy established in the particular economy. Polityka klastrowa przyjbiera rózne formy i ksztalty w roznych miejscach swiata. Widac to wyraznie chociazby w krajach azjatyckich, gdzie podejscie do klastrów jest zróznicowane tak samo, jak zróznicowane sa gospodarki regionu, co zostalo pokazane na przykladzie klastrów wiedzy w Japonii, wyspecjalizowanych miast w Chinach, regionalnej polityki rozwojowej w Tajlandii, wiosek rzemieslniczych w Wietnamie oraz klastrów malych i srednich przedsiebiorstw w Indiach. Niniejszy artykul jako zródlo tego zróznicowania wskazuje proces tworzenia polityki oparty na wielu aktorach i wielu poziomach decyzyjnych. Dazac do idealnej kombinacji skladników polityki klastrowej (policy mix), musimy zaczac doceniac spójnosc i adekwatnosc polityki realizowanej w warunkach okreslonej gospodarki. [ABSTRACT FROM AUTHOR]

Abstract: Policy debate on the implications of the Transatlantic Trade and Investment Partnership (TTIP) for Turkey has focused almost exclusively on “how” Turkey can/will take part in a forthcoming transatlantic deal. Turkey's association with a TTIP has largely been conceived as an inevitable and beneficial policy choice to re‐engage Ankara with the Atlantic alliance and emerging transatlantic trade framework. The arguments for extending TTIP to Turkey have mostly been built upon a conventional understanding of preferential trade agreements. The debate has not provided a comprehensive assessment of costs and benefits for Turkey's exclusion from or joining TTIP as it dismissed multiple dimensions of the “deep integration” agenda which underpined the transatlantic talks. This paper intends to contribute to the “why” debate with a thorough analysis of critical issues on the transatlantic agenda by evaluating economic and policy implications of TTIP both for exclusion and association scenarios together with associated compliance and adjustment costs. [ABSTRACT FROM AUTHOR]

This study examines the impact of domestic and foreign shocks on the real and financial sector of BRIC countries. For this purpose, we use a structural vector autoregressive (SVAR) model over the extended period of 1997 to 2016. We conclude that domestic policy shocks have a more substantial impact on Brazilian, Indian, and Russian economy than foreign shocks, while foreign shocks have more contribution in the case of China. Interestingly, results show the negative impact of policy shocks on bank credit provided, implying its role in multiplying the impact of shocks on real variables. Surprisingly EPU of USA has a positive impact on stock markets of India and China, implying capital flight phenomenon, where investor transfer investment from risky to safer places. [ABSTRACT FROM AUTHOR]

A vast literature describes the process of credit expansion that took place in the early 2000s in Brazil, which entailed a strong increase in consumer credit. Given the centrality of consumer credit not only in the determination of macroeconomic dynamics but also in the daily life of the population, the history of its evolution is a recurring and important theme in the context of developed countries. Such a history has, however, not been told for the Brazilian case. Using archival and other sources, this paper puts this process into historical perspective using a Social Structure of Accumulation framework. We find that the expansion of consumer credit has underpinned Brazil's accumulation regimes. Putting consumer credit to the historical test allows us to deepen the understanding of its modern expansion and the role played by this credit in the organization of the economic system through time. [ABSTRACT FROM AUTHOR]

This paper contributes to the empirical research on corruption in three ways. From a methodological viewpoint, it applies partial least squares–structural equation modeling to estimate an index of perceived corruption around the world—hereinafter structural corruption perception index (S-CPI). This approach allows one to estimate corruption as a multidimensional latent variable by complex cause-effect relationships between observed and/or unobserved variables. From a positive viewpoint, it estimates comparable S-CPI scores in 165 countries from 1995 to 2016, using a model specification based on existing theory of and empirics on the causes and consequences of corruption. In terms of policy implications, helpful hints on which are the most effective channels for fighting corruption are provided. [ABSTRACT FROM AUTHOR]

India is the fastest growing economy with a democratic political system. She is worlds leader in Information Technology Industry. It has annual turnover of $154 billion and employs about 19 million people. It was expected to become a US $225 billion industry by 2020. But, this target is to be reviewed in the light of visa restrictions and control over outsourcing announced by the US President Donald Trump. India's software services sector is bracing for the consequences of new US President Donald Trump action against outsourcing of jobs. Trump has signed an order to block entry of people, including highly qualified professionals, from seven Muslim-majority nations. In the present paper researcher has tried to study impact trump's policy on Indian IT industry through survey of IT Student, IT Faculty and IT Professional. First part of paper covers Indian IT industry scenario and challenges due to trump's policy based on various secondary data and second part of paper is based on primary research conducted through structured questionnaire from various respondent. From the study it is finds that concluded that there is no major relation with respondent category and various variable of trump's IT policy on Indian IT industry. [ABSTRACT FROM AUTHOR]

The aim of this paper is to shed some light on the issue of why some BRICS countries are doing much better than others after the international financial crisis. Although these economies share some common economic historical ground, and collectively had been performing much better than the world average in the last decades, their room to maneuver to administrate short-term economic policy to sustain growth in the context of world recession is not similar. Our main assumption is that their different performances can be explained by the degree of their external vulnerabilities, which basically depend on how cautious they were to embrace the liberal policy orientations that became dominant in the 1980s and 1990s with the so-called new macroeconomic consensus. [ABSTRACT FROM PUBLISHER]

In this paper, we examine how the effect of economic policy uncertainty on foreign direct investment (FDI) entry and exit varies with the cost of bankruptcy resolution. Using a sample of bilateral FDI entry and exit for 23 countries and areas from 2004 to 2012, we find that an increase in bankruptcy costs in a country exacerbates the dampening effect of economic policy uncertainty on both FDI entry and exit. Subsample analysis reveals that the bankruptcy resolution channel only exists in high political risk countries. We also find that the bankruptcy resolution channel does not exist for foreign portfolio investment, which is consistent with real option theory. Broadly put, our contribution is at the nexus of institutional theory and FDI, as we identify the bankruptcy resolution channel through which economic policy uncertainty affects FDI entry and exit. [ABSTRACT FROM AUTHOR]

The paper gives the description and study of the foreign economic policy of Georgia in the during independence period. The purpose of the study is to describe and analyze the preconditions for the sustainable and stable development of the country by means developing foreign trade, improving investment potential and using an efficient foreign debt management system. During the studies, the paper used the materials of the studies conducted by Georgian and foreign scientists, as well as international and private organizations and their evaluations. The opinions about the improvement and risks of the present-day situation are given following the consideration of different components of the foreign economic policy of Georgia, and opportunities for the rationalization of foreign policy of Georgia are offered. [ABSTRACT FROM AUTHOR]

This paper accounts for the main determinants of Foreign Direct Investment stocks to 5-South East European Countries and the 10-New Member States of the European Union countries by using an augmented Gravity Model, for the purpose of calculating the potential levels of FDI stock in Macedonia. The study takes into account country specific institutional factors that determine foreign investors' decisions from 20 core OECD countries to invest in SEE-5 and EU-NMS-10 countries. From the results of the study we find that gravity factors (market size and distance), institutional related factors (control of corruption, corruption perception index, regulatory quality, transition progress and WTO membership) and other traditional determinants of FDI (schooling, bilateral exports) appear to significantly determine inward FDI stock to the SEE region and new EU member states. The GMM estimates suggest that bilateral FDI stock is subject to persistence effects. The study additionally confirms the relatively strong gravitational character of Macedonia's inward FDI stock. [ABSTRACT FROM AUTHOR]

The objective of the article is to analyse the effects of trade policies on foreign trade performance (manufacturing exports and imports) of the Economic Community of West African States over the period 1996–2017. Using a new continuous trade policy index and controlling for the endogeneity of the variables of interest, the findings indicate that the trade policies significantly increase imports but much more exports. Furthermore, the analysis of the interaction model reveals that the effects of trade policies on manufacturing trade performance increase with financial development and the rate of cellular mobile subscriptions. These findings have implications for economic policies. [ABSTRACT FROM AUTHOR]

As the deadline for the ASEAN Economic Community (AEC) approaches, the Philippines has yet to complete the implementation of its commitments in the AEC Blueprint. While it is true that the government has implemented most of them, these policy reforms have yet to make an impact on the economy. This paper examines the country's performance in terms of its commitments in the AEC by identifying the gaps between those commitments and actual implementation. It also examines the domestic economic conflicts that have hampered Philippine policy reform efforts, focusing on the automobile industry. The conflicts may be due to a lack of common economic interests among firms in the industry as well as because of the lack of coherence of domestic policies that have limited, if not negated, progress towards economic integration. Domestic conflicts have created an industry that has failed to develop as a major exporter as well as a source of employment and income for the country. [ABSTRACT FROM AUTHOR]

As the end of 2015 draws nearer, the prospect of meeting all the goals of the ASEAN Economic Community (AEC) Blueprint appears dimmer by the day. The literature identifies two prominent gaps in ASEAN's journey towards an economic community as defined by its own vision. First, the extensive literature on the AEC, and this includes the scorecard designed to monitor the implementation of its goals, suggests that there appears to be a gap between commitments and the achievements of the AEC Blueprint targets. Second, attaining a "free flow of services" as stated in the AEC goals, is also hampered by a gap between commitments in liberalization and actual practice. The objectives of this paper are twofold. First, it seeks to review the gap between commitments and practice in Malaysia. Second, it aims to examine domestic conflicts that may constrain Malaysia's services liberalization efforts in ASEAN. A key question considered in the analysis is the source or sources of these conflicts. Is the conflict confined to the private sector or is the government conflicted from within in terms of services liberalization? In other words, are there certain policies that may negate or off-set liberalization efforts? The key finding in this paper shows conflicting objectives in government policies to be the main reason for the slow pace of liberalization thus far. [ABSTRACT FROM AUTHOR]

Attracting foreign investment has become increasingly competitive among governments worldwide in order to enhance their economies. In addition, governments are engaged in intense competition to sustain their existing business while at the same time trying to attract new ones by granting subsidies. These subsidies to business have become an issue of significant concern on a regional and international level. The main aim of my paper seeks to explore how the United Arab Emirates within its federal system could co-operate, to prevent subsidy races and adopt a union-wide regulation on subsidies. The paper suggests that the United Arab Emirates could regulate subsides by adopting the most substantial control method, which is embodied in the European Union Guidelines on Regional Aid. [ABSTRACT FROM AUTHOR]

In British economic thinking, the Commonwealth is often considered as a valuable trade network undergirded with familial connections, shared history, and common values. Such rhetoric has made a recent resurgence in post-Brexit Britain as Britain disengages with a European Union based economic bloc and searches for closer association with other economic groups, including the Commonwealth. This paper explores the historical dimensions of British economic policy towards the Commonwealth, particularly during the Depression of the 1930s and World Wars, when Commonwealth economic cooperation was at its closest. By examining the historical roots of British economic engagement with the Commonwealth, this article looks at how British policy shifted according to the strictures of domestic needs and colonial economics. The self-serving, yet negotiated nature of  such policies has echoes not only in today’s rhetoric, but also in terms of imperial nostalgia, and the durability of colonial economic structures and theories in the recesses of the British ‘official mind’. [ABSTRACT FROM AUTHOR]

The author points out that during the first 2 months of the conflict, the G7/NATO/EU/US have supported the efforts of Ukraine to fight the Russian invasion. The benefits of adequate and appropriate reforms of Ukrainian institutions and a consistent economic policy could be rather significant; and it will be interesting to see whether or not the EU could come up with a type of Marshall Plan support program for Ukraine. On September 24th, 2021, the European Institute for International Economic Relations (EIIW/University of Wuppertal) hosted an international workshop in the context of marking the Institute's 25th Anniversary; it had initially been hoped that postponing the workshop from the originally intended date in 2020 to 2021 would allow to have a normal I in person i conference, but COVID-19 dynamics continued to disrupt plans, and the workshop took place belatedly in an online format. [Extracted from the article]

The paper estimates Myanmar's export potential based on bilateral export patterns observed for six countries in Southeast Asia. Against that benchmark and controlling for outliers, Myanmar is found to be trading at about 15 per cent of its potential. The bulk of this gap is explained by low trade with industrialized countries. It is conjectured that economic reforms and integration with the world economy are likely to close this gap to potential rather swiftly, particularly if Myanmar can manage to capitalize on its favourable predisposition to international trade. [ABSTRACT FROM AUTHOR]

Euro area countries and Japan are confronted with similar challenges. Potential output is on a declining trend in the Euro area, and the decrease started well before the financial crisis. In Japan, low-output growth is a striking feature since many years, despite the unconventional monetary policy stance and numerous fiscal stimulus programs provided by the government. According to a growth accounting exercise based on a Cobb-Douglas production function, the development in both economies can be traced to a weak evolution of TFP. Weak capital deepening is detected especially in the Euro area. Driven by high uncertainty, the willingness of firms to undertake investment is only modest and constitutes the Achilles' heel for a smooth recovery. Both economies are not well prepared to manage the demographic challenges caused by an elderly population. Given that debt-to-GDP ratios are already at record heights, the scope for further demand-driven policies is limited, especially in Japan. Instead, structural reforms are on the agenda to promote the framework conditions for higher investment and long-run growth in both regions. [ABSTRACT FROM AUTHOR]

Economic policies are increasingly guided by a whole set of different concerns from those that inspired International Economic Law (IEL). Instead of interdependence, trade liberalization, and market-orientation, rules and government decisions are increasingly directed to pursue goals such as reduction of dependence, resilience, autonomy, and even self-reliance. A geoeconomic logic is gradually replacing the liberal rationale that underpinned IEL for the past decades. Understanding where IEL might be headed requires an appraisal of this changing logic. This Article makes the following contributions to this effort. First, it proposes a conceptual framework centered around the notion of "geoeconomics," which provides a coherent meaning to many developments that are transforming economic relations. The framework is unique in that it clearly outlines what is considered under the concept of geoeconomics, particularly by distinguishing it from other potentially misleading notions. This Article describes the assumptions that back the geoeconomic framework and show how they play out in practice. Thus, it sheds light on the factors driving many recent developments in the global economy which are difficult to explain from a liberal logic. Second, it contributes to sophisticate the terms of the debates among international economic lawyers that seek to address the transformations impacting IEL. These debates have neglected elements that are brought to light by the geoeconomic framework. This Article presents the insights arising from the geoeconomic framework and how they offer directions for future debates on the evolution of IEL. [ABSTRACT FROM AUTHOR]

This paper attends to prior equivocal results concerning partner asymmetry and international joint venture (IJV) performance. More specifically, we examine how asymmetric financial strength between the partners influences IJV termination in emerging economies, and consider the asymmetry direction as well as the local partner's equity stake as contingency factors. Our event history analysis of 119 IJVs formed in Brazil shows that asymmetric financial strength increases the likelihood of termination. However, notably, the findings reveal that higher local partner financial strength is less harmful to IJV performance than lower local partner financial strength. Moreover, under both conditions, IJV performance is better when the highest equity stake is attributed to the local partner. [ABSTRACT FROM AUTHOR]

To success on international markets, individual economies are trying to take measures to increase their efficiency, flexibility and competitiveness. There is a liberalization of tariff and non-tariff barriers mainly due to trade based on regional integration. Among such agreements belong also the Transatlantic Trade and Investment Partnership (TTIP) between the EU and the USA, which represent the largest economies in the world. The paper analyses developed scientific studies that assess the economic impact, advantages and disadvantages of closer economic cooperation. However, it reflects not only the economic but also foreign policy importance of this partnership. In the case of signing the TTIP, it would become the most important bilateral trade agreement ever, both in terms of international trade as well as in terms of the impact on international trade as a whole. [ABSTRACT FROM AUTHOR]

The Chinese Initiative of jointly building the Belt and Road has drawn world-wide attention since 2012, and it is reasonable to believe that the ongoing implementation of the Belt and Road strategy will sustainably attract the international society in the years to come. Although the Chinese Government only recently made public the official paper entitled Vision and Actions of the Belt and Road, discussion and comments have been speedily and increasingly abundant among politicians, economists, entrepreneurs and scholars in various disciplines both in China and abroad. In spite of the difficulty at the moment to define the Belt and Road conceptually, especially from a legal point of view, this article tries to make a conceptual analysis of it with available sources and by comparison with its related traditional concepts of regional economic integration, partnership arrangement and community of common destiny, the last of which is as new as the Belt and Road. Finally, the author concludes that the Belt and Road is a new formula of global governance which bears some elements of regional economic integration on the one hand and resembles to some extent a partnership arrangement between States on the other hand. However, the implication of the Belt and Road surpasses both regional integration and partnership. It takes both as its basis and priorities with a far-reaching view of building a regional community of common destiny. This new type of regional community aims at building a "community of shared interests", "a community of shared destiny" and "a community of shared responsibility". In essence, it is a part of the community of common destiny of the whole of mankind. [ABSTRACT FROM AUTHOR]

This paper presents and discusses the main challenges that an archipelago like Indonesia is facing in improving its connectivity. Distinguishing between intra-island, inter-island, and international connectivity is essential in order to understand the nature of the challenges and causes behind the bottlenecks. High domestic shipping costs are identified as one key challenge. The Government of Indonesia has identified improved connectivity as a key issue in promoting economic growth, especially in the manufacturing sector, now that Indonesia can no longer rely on commodities as a driver of growth. Better infrastructure, regulations, and coordination among stakeholders are crucial components in promoting improved connectivity for manufacturing growth. Promoting investment in infrastructure is necessary, including both hard and soft infrastructure. However, Indonesian experience highlights that without regulatory reform and improved policy coordination, infrastructure investment will continue to lag behind. There is a need for an improved and empowered governance structure to turn investment plans into reality. [ABSTRACT FROM AUTHOR]