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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]

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]

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]

China has entered the new millennium with the goal of returning to the club of the great world powers and is running as the clearest candidate to dispute the hegemonic power of the United States. The "Chinese dream of revitalization of the great Chinese nation" and the "community of destiny" have become two of the main foreign policy purposes of the current president, Xi Jinping. In both concepts, the economic arena occupies a priority place. In this context, the economic statecraft, understood as the manipulation of international economic activities by a State to achieve strategic objectives (Norris, 2010) becomes a fundamental tool for Beijing in the framework of consolidation of its global power. It has also become an effective means to attract Latin American countries, rich in the natural resources that China needs to sustain its economic growth rates. In this regard, the Asian giant has established strategic partnerships aimed at strengthening ties with Beijing, which focus on trade, investment and finance (priority areas of action in the economic statecraft). This paper intends to analyze the economic statecraft that China deploys in Latin America and its link with the establishment of strategic associations in the region, in order to understand if they contribute to give an institutional framework to the economic policy of power that China deploys in the region. For this, we will take the case of the Argentina-China relationship at the beginning of the 21st century, analyzing its process of approach and evolution of bilateral political-diplomatic relations until the signing of the 2014 Comprehensive Strategic Partnership. [ABSTRACT FROM AUTHOR]

The paper analyses the trade competition between China and India in Africa over the period from 2008 to 2017. After the 2008 financial crisis, China increased its advantage over India in exports of goods to rich African countries and in imports of goods from resource-abundant Africa's least developed countries. China-Africa and India-Africa trade relations are win-win relations. However, African countries are becoming more and more dependent on the condition of the Chinese economy. Compared to Chinese exports, Indian ones destroy fewer African markets. [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]

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]

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 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 examines the effect of Economic Policy Uncertainty (EPU) on cash holding decisions of firms in BRIC countries. Our focus is on the firms in BRIC countries, a particularly interesting group of countries to consider given their increasingly important role in the world economy. By using firm-level data through the 10 years period of 2006–2015, we find that firms prefer to hold more cash when uncertainty increases after controlling for firm level variables with industry and year fixed effects. The results are robust to alternative control variables, EPU calculations and selection of sub-samples. In addition to the country specific EPU levels, global EPU also has a significant positive impact on corporate cash holdings. [ABSTRACT FROM AUTHOR]

Throughout its 100-year history, the Southern African Customs Union (SACU) has evolved, being utilised as a mechanism of control by Britain and South Africa during the colonial and apartheid eras, respectively. More recently, SACU has undergone a process of increased democratisation and neo-liberal prioritisation reflecting Africa's desire to engage and compete more effectively in the world economy. Current pressures to reformulate SACU, focused on renegotiating the institutional infrastructure and the all-important Revenue Distribution Formula (RDF), reflect a subtle but significant potential change in the governance framework mediating relations between member states: Botswana, Lesotho, Namibia and Swaziland (BLNS), and South Africa. This paper explores the nature and context of proposed changes, specifically considering levels of governance affected through past and current SACU Agreements between South Africa and the BLNS states. In particular, the paper explores the implications of replacing elements of the RDF with a proposed ‘development fund’. This discussion takes as its point of departure wider literatures of power relations created and maintained by development funding. It is argued that possibilities for intervention in the domestic affairs of the BLNS states are only increased by the move to an administered development fund, despite rhetoric that this will give increased potential for regional development. [ABSTRACT FROM PUBLISHER]

This paper analyzes the exchange rate pass-through (ERPT) to domestic prices (consumer and producer prices), and to import prices for the G-7 countries. It is our aim to answer three key questions with strong economic policy implications: (i) is there a lower rate of ERPT in countries with an increased emphasis in monetary policy based on price stability?; (ii) is there a significant connection between ERPT and inflation volatility?; and (iii) do exchange rate regimes have a role to explain the ERPT? Our findings suggest that: (i) Taylor's hypothesis holds; (ii) there is a robust and positive significant connection between ERPT and inflation volatility; and (iii) ERPT depends on the exchange rate regimes. [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 examines the coherence and usefulness of the contentious concept of ‘national competitiveness’. We undertake an interpretative review of the various uses of the concept in international economics. It is argued (á la Erik Reinert) that the concept of competitiveness is coherent in the presence of dynamic externalities, with a ‘winner picking’ exercise, by social planners, at its core. However, its usefulness for real-world policymaking can be limited because of practical problems (political and information imperfections) of picking the ‘real winners’. These problems are nonetheless not insurmountable. There is ample evidence that competitiveness strategies can work if they are the ‘right’ kind for a given political configuration. [ABSTRACT FROM AUTHOR]

Economic and political changes at the global level have simultaneously shifted Malaysia's interests in the Arab Gulf countries. The economic liberalisation and transformation agenda that emerged in these economies are argued to be contributing factors to Malaysia's interest in expanding its economic relationships with the countries. Although the current cooperation between Malaysia and the Arab Gulf countries is aimed at reaping economic benefits, religious values also constitute an important foundation for these relationships. This article seeks to understand why politics, economics and religion remain the key drivers in determining Malaysia's relations with the Arab Gulf countries. The paper also suggests a future direction for engagement between Malaysia and Gulf Cooperation Council countries. [ABSTRACT FROM PUBLISHER]

This paper analyzes the development of cooperation between Argentina and Brazil from their initial rapprochement of 1979 to the construction of Mercosur in 1991. It presents an account of cooperation that emphasizes the power and organizational interests of the armed forces and that challenges the prevailing emphases on democratization and neoliberalism. In doing so, it addresses a methodological problem for qualitative research in international relations: What can be done if our theories of why cooperation occurs affect our perceptions of when it begins? Conventional explanations of Argentine-Brazilian cooperation may be biased toward what historian Herbert Butterfield called 'Whig history,' which sees in past events associations that exist only in the present. These tendencies can alter our periodization of cases, omit or falsely reject important causal variables, and too readily confirm our preferred hypotheses, but they can also be corrected. [ABSTRACT FROM AUTHOR]

The aim of this paper is to contribute to increase knowledge about a remote region of the world, but of utmost importance in the geopolitical context of today - Central Asia - as a result of its strategic position as a link between East and West, a space of competition and reinforcement of the great powers. Besides, the region has been, in recent years, attracting the attention of foreign investors due to the existence of large reserves of oil and gas. The central argument is that Turkey demonstrates a predominantly economic interest (the search for energy resources) towards the region, pursuing fundamentally realistic-driven policies with regard to it. Alternatively to the participant and non-participant observation, difficult techniques to apply to this object of study, we resorted to the semi structured interview. The field research was done through interviews conducted predominantly in Central Asia to key individuals related to the issues studied. Convinced that the behavior of the states, the power or influence are not likely to translate into tangible realities, mathematical formulas, or mere statistics, we assume that the use of the qualitative method, through the hermeneutic analysis, is the methodology supporting this investigation. We suggest that Turkey inspires itself on the Chinese policy towards Central Asia, which has shown remarkable vigour in recent years, and try to figure out how it can profit from an Ankara- Tehran-Central Asia-Beijing axis, in the context of the Chinese New Silk Road, in order to project its power in the regional sphere and boost (even more) its economy. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the economic risk contagion among major economies in the world by utilizing an innovative spillover analysis method accompanied with data from economic policy uncertainty (EPU) indices. To obtain more robust conclusions, the risk spillover effects are detected in both time and frequency domains. The empirical results show that, first of all, in terms of time-domain framework, the top six largest economies has strong connectedness in economic risk (uncertainty) and US seems to be both the major risk spillover contributor and receiver among these major economies. While regarding to frequency-domain analysis, most risk spillover effects are observed only in short-term frequency at 1 to 3 months. Secondly, the static net EPU spillover effects indicates that US, in average, is the key spillover transmitter and UK as well as China are the major spillover receivers. Finally, the dynamic rolling-window results confirm that with time-varying domestic and global economic situations, no country is identified as a successive net EPU spillover contributor or receiver across both time and various frequency domains. China, however, is presenting its upward economic strength and outside impacts in global economy system since about 2017. • Economic risk contagion is analyzed in both time and frequency domains. • EPU indices of six major economies are employed as proxies of economic risk. • Both static and time-varying spillover effects are calculated. • US are the major risk spillover contributor and receiver. • Economic risk spillovers are mainly observed in short-term frequency. [ABSTRACT FROM AUTHOR]

Uncertainty plays an important role in the global economy. In this paper, the economic policy uncertainty (EPU) indices of the United States and China are selected as the proxy variable corresponding to the uncertainty of national economic policy. By adopting the visibility graph algorithm, the four economic policy uncertainty indices of the United States and China are mapped into complex networks, and the topological properties of the corresponding networks are studied. The Hurst exponents of all the four indices are within 0. 5 , 1 , which implies that the economic policy uncertainty is persistent. The degree distributions of the EPU networks have power-law tails and thus the networks are scale-free. The average clustering coefficients of the four EPU networks are high and close to each other, while these networks exhibit weak assortative mixing. We also find that the EPU network in United States based on daily data shows the small-world feature since the average shortest path length increases logarithmically with the network size such that L N = 0. 626 ln N + 0. 405. Our research highlights the possibility to study the EPU from the view angle of complex networks. • We construct economic policy uncertainty networks for the US and China. • The economic policy uncertainty is persistent in different economies. • The EPU networks are scale-free, densely connected and weakly assortative. • The EPU network constructed from the daily US index exhibit evident small-world features. [ABSTRACT FROM AUTHOR]

Economic cooperation, the engine of relations of international economic cooperation, is an insufficiently defined, dynamic concept. The transformations of the international environment, globalization and the intensification of economic interdependencies render economic cooperation a must, and not just an option within international relations. Similar to the international environment, economic cooperation undergoes a process of redefinition, of adjustment to the new realities. This article aims at identifying and analyzing the approaches of economic cooperation in this context. [ABSTRACT FROM AUTHOR]