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China has evolved into an important provider of resources for developing countries, encompassing capital, know-how and expertise. China has also actively worked to strengthen diplomatic ties with developing regions since the early 2000s. Against this backdrop, the governments in many developing countries have moved to incorporate China as a significant factor in their geopolitical and geoeconomic considerations. Under the rule of the Justice and Development Party (Adalet ve Kalkınma Partisi, AKP), Turkey has also sought to foster relations with China, particularly since the early 2010s. This pursuit has been further triggered by Ankara's strained relations with the United States and the European Union. Turkish political leadership envisions China as a potentially crucial partner that could enhance the country's autonomy in relation to the West. While this expectation has not entirely materialized so far, there is an ongoing debate regarding the extent to which China can potentially be a transformative actor in Turkey's position within the international order. This paper contributes to this debate by locating Turkey-China engagement within a broader context of China's power and influence in the developing world. The paper suggests that the potential for Turkey's cooperation with China is likely to remain relatively limited for the foreseeable future. This is not only due to Turkey's deeply rooted ties with the West, but also because of the nature of China's global power, which is more partial and not as deep as commonly assumed. [ABSTRACT FROM AUTHOR]

The objective of this study was to develop a benchmark method to identify best practices in higher education across the country, in relation with management practices of academic productivity gender gaps and their impact on family responsibilities. This paper uses a qualitative approach to collect relevant information from official web pages from sixteen international universities previously selected. All information related to best practices policies implemented in each university was charted and assigned to one of the following categories for further analysis: ranking, gender policies, gender gaps, academic productivity, and childcare responsibilities. Results from this study revealed that the main best practices implemented in the included universities were practices related to harassment prevention, gender equality at college admission, development of protocols, leadership training, scholarships for study and research programs, adequate infrastructure, childcare financial support, flexible work schedules, family leave policies, improvement of the work environment and the development of departments in charge of follow-up and regular assessment of the proposed strategies. [ABSTRACT FROM AUTHOR]

In the final decades of the 20th century, territorial political economy was influenced by both urban and regional economy. The first called attention to the "triumph of the cities" and the second to the importance of consolidating "a new regionalism." Over the course of the 21st century, on the other hand, urban and regional economies have been conceptually articulated as a result of the "metropolitan revolution." The central objective of this article is to reflect on the characteristics of this process, the possible impacts and the great challenges. To conclude, this paper suggests that regional cohesion is determined by a functional polycentric territorial structure, a productive and sustainable economy and a multilevel and multi-scale governance model. [ABSTRACT FROM AUTHOR]

Neoclassical economics has established itself as the discipline of rational choice. Consequently, under methodological individualism and in the context of consumption, an agent's choice is based on the ordering of preferences determined exogenously, disregarding any emotional, biological influences, or factors from socio-economic dynamics. Therefore, this paper aims to present an alternative framework for the decision-making of economic individuals at a theoretical and formal-mathematical level, grounded in the principles of evolutionary economics and complex adaptive systems. It is argued that the process of making choices in consumption is inherent to social dynamics. From an individual-holistic perspective, the mechanism motivating action can be characterized as an evolutionary algorithm that integrates biological, historical, cultural, social class, and market competition influences as endogenous elements in determining choice and consumption behavior. [ABSTRACT FROM AUTHOR]

This article aims to analyze the Turkish foreign policy towards the African continent in the 21st century. With the end of the Cold War and the world order centered on a bipolar logic, Turkey has had greater autonomy to manage its international relations, maintaining a more active foreign policy by expanding its economic, diplomatic, and security affairs beyond the West. In this context, under the leadership of the Justice and Development Party (AKP), the African continent has come to occupy an increasingly prominent place in Turkish foreign relations. Thus, since the early 2000s, there has been a substantial increase in Turkey's presence on the continent, characterized, among other aspects, by the intensification of bilateral trade flows, the expansion of the diplomatic network on the continent, its participation in the mediation of conflicts and the offer of humanitarian assistance to African actors. In this context, and based on the literature on Middle Powers and Regional Powers, this paper discusses the intensification of Turkey's ties with African countries since the beginning of the 21st century, comprehending it as part of a broader international projection strategy. To this end, the study adopts a hermeneutic approach, relying on the literature review on Turkish-African relations and the analysis, supported by quantitative data, of the developments of these relations in the political, economic, and security axes throughout the period in question. [ABSTRACT FROM AUTHOR]

The paper identifies the links between transnational municipal networks and international agreements in the environmental arena. It is taken for granted that transnational municipal networks support global environmental action and the process of sustainable development, in particular giving access to resources, with technical support and knowledge, but to what extent international agreements such as the United Nations Framework Convention on Climate Change, the Paris Agreement, or the Convention on Biological Diversity guide the action of these networks? The research resorts to content analysis to examine the goals, mission, and published documents of two networks in particular, ICLEI and Mercosur, in the search for clear connections with the intergovernmental level. The paper contributes to the understanding of the role of transnational municipal networks in environmental governance, identifying through abductive reasoning the diffusion of norm from the international to the local level and underlining the importance of the role of international, national and local actors. [ABSTRACT FROM AUTHOR]

This paper provides a comprehensive review of the application of Reinforcement Learning (RL) in the domain of finance, shedding light on the groundbreaking progress achieved andthe challenges that lie ahead. We explore how RL, a subfield of machine learning, has been instrumental in solving complex financial problems by enabling decision-making processes that optimize long-term rewards. Reinforcement learning (RL) is a powerful machinelearning technique that can be used to train agents to make decisions in complex environments. In finance, RL has been used to solve a variety of problems, including optimal execution, portfolio optimization, option pricing and hedging, market making, smart order routing, and robo-advising. In this paper, we review the recent developments in RL for finance. We begin by introducing RL and Markov decision processes (MDPs), which is the mathematical framework for RL. We then discuss the various RL algorithms that have beenused in finance, with a focus on value-based and policy-based methods. We also discuss the use of neural networks in RL for finance. Finally, we discuss the results of recent studies that have used RL to solve financial problems. We conclude by discussing the challenges and opportunities for future research in RL for finance. [ABSTRACT FROM AUTHOR]

This paper examines how the practice of international election observation in the Commonwealth Caribbean was affected by the COVID-19 pandemic. Many countries were faced with the decision on whether to conduct or delay elections during the pandemic. Between March 2020 and June 2022, 10 out of 12 Commonwealth Caribbean countries held elections. All these countries, except for Barbados, have had their elections observed by at least one regional or international organization during the last two decades. The closure of borders and the various quarantine requirements had practical implications for maintaining this trend during the pandemic. Most countries that regularly invite international observers did not have their pandemic held elections observed. This paper considers the reasons for the absence of observers in some elections and explores the adjustments observer groups have had to make during the last two years. The discussion also explores how Caribbean countries were able to indicate their commitment to holding free and fair elections in the absence of observers. For the countries that had observers, the discussion examines how these missions navigated issues of cost, shorter invitation periods, challenges in international travel, the recruitment of suitable observers and local pandemic protocols and conditions. [ABSTRACT FROM AUTHOR]

Early termination is a contractual compensation mechanism implemented in ppp infrastructure projects where private investors have the right to abandon the project to mitigate risks such as traffic risk. In this paper we used the Real Options Theory to value early termination as an option to abandon a project where both the traffic risk and the compensation fee are modelled assuming correlated stochastic processes. The option pricing model was implemented with an analytical solution and results were compared with the Monte Carlo simulation technique. The results confirm the benefits that the contractual mechanism offers to private investors to mitigate risks, while at the same time improving a project's value. [ABSTRACT FROM AUTHOR]

The mainstream literature on global cities tends to explain the internationalization of cities almost exclusively from the perspective of recent developments in global capitalism, developments that have put cities at the heart of an increasingly globalized, financialized, and deregulated world economy. The internationalization of these so-called global cities is seen as a response to, and is conditioned by, external, and mainly economic, exigencies. Research on the foreign relations of city governments has followed in this tradition, with a predominant focus on the global drivers and manifestations, as well as the systemic implications of this phenomenon. Little academic attention has been given to the domestic contexts within which city governments develop and exercise their international agency. This paper is inspired by the emergence of alternative accounts in the global cities literature, which have underscored the importance of the domestic context in making sense of the contemporary internationalization of cities, to analyze the domestic sources of the City of Johannesburg's foreign relations from 2011 to 2016. While acknowledging Johannesburg's global cities ambition as a major driver of the city government's international relations during this period, we identify and analyze a set of local and national factors that equally inspired and conditioned the city's foreign engagements. These include the huge socio-economic and spatial divide that continues to define the city, the influence of the ruling African National Congress (ANC) and its doctrine of progressive internationalism, as well as the then mayor's internationalist outlook and domestic political ambitions. [ABSTRACT FROM AUTHOR]

India's coastal cities have been playing a pivotal role in international relations through culture, commerce, and connectivity since the hoary past. In modern times, coastal cities such as Mumbai (formerly Bombay) on the Arabian Coast and Kolkata (formerly Calcutta) on the Bay of Bengal have been active actors in international affairs. While Mumbai has been the hub of international trade and commerce, Kolkata has been the junction of cultural bonhomie with Bangladesh and Southeast Asian countries, which gained more traction due to cross-border movements of technology, information, education, trade and finance, and artistic tools bolstered by the New Economic Policy beginning in the early 1990s. Indian states and metropolitan cities are enhancing their positions in international affairs with tangible gains. Mumbai is referred to as India's financial capital and the home to the headquarters of great global business houses and financial organisations. Similarly, Kolkata is known as the cultural capital of India (Sri Aurobindo, Tagore, Shanti Niketan, Bengali folk art and culture etc.) and a destination for foreign tourists, artists and curious researchers. This paper examines the growth and impact of city diplomacy in India through the prism of federalism in advancing local interests in international politics. It attempts to assess the role of Indian cities from a comparative perspective in the conduct of city diplomacy from economic and cultural aspects. [ABSTRACT FROM AUTHOR]

The administration of the domiciliary public utility companies must ensure compliance with their demand, ensuring the available financial resources cover the costs and achieve dividends for owners. This paper proposes a methodology for measure the efficiency of domestic utility companies in Colombia through a stochastic frontier, considering information from 2014 to 2018 from 44 companies, showing an efficiency ranking of firms, the result shows company's resource efficiency rate is 39%. [ABSTRACT FROM AUTHOR]

In this paper, we develop the idea of the Sraffian Supermultiplier, presenting it as an alternative to traditional neoclassical thought about economic growth and economic policy. Thus, a brief introduction is made about the importance of economic growth for classical economists, followed by the development of Harrod's model and the different solutions that have raised for sorting the problem of instability. Finally, we present the supermultiplier model of Serrano together with international empirical evidence that supports it and some proposals of economic policy are made. [ABSTRACT FROM AUTHOR]

This paper shows that economic theory can be analyzed by means of system dynamics, an intuitive approach that makes it possible to represent graphically the feedback loops between the variables involved in the models. It models Adam Smith's view of growth, according to Robert Heilbroner's highly simplified interpretation, (developed in a more comprehensive and exhaustive way by his teacher, the German sociologist and economist Adolph Lowe) by proposing a computational system for the study of complex models. The paper does not intend to make an original contribution to economic modeling, but to show a tool that allows simulations based on the principles of system dynamics, using specialized software. This tool can be used in teaching to show alternative modeling options to the conventional ones. [ABSTRACT FROM AUTHOR]

This paper concerns the study of Colombian foreign policy. Specifically, it applies foreign policy analysis (fpa) methods to the study of Colombian international politics and international relations. Embarking from the analytical framework of International Regimes, the work describes a specific approach to their study, and thereafter traces the process that preceded Colombia's accession to the Organization for Economic Cooperation and Development (oecd). It analyzes how the decision to join the oecd is best understood as a foreign policy strategy on the part of the national government. The paper also offers a preliminary evaluation of the process of institutional adaptation accompanying oecd membership and its impact on Colombian society. The article is based on the analysis of primary sources related to the decision-making process carried out by both the national government and the oecd. Additionally, it uses a variety of other sources to illuminate a foreign policy strategy implemented in a complicated international context, one only made more difficult by the onset of the Covid-19 pandemic. In this manner, the paper discusses the challenges and importance of oecd membership, including the delay of its formalization to the point of coinciding with the Covid-19 pandemic. Such unfortunate timing has likely contributed to the perception among many Colombians, of the fruitlessness of membership. While indeed complex and challenging, the paper seeks to present the situation of Colombian membership in more nuanced light. [ABSTRACT FROM AUTHOR]

This paper makes an economic assessment of Jair Bolsonaro's presidency. It analyzes the triangle of incompatibilities: high income inequality-reprimarization of the economy-high economic growth; and if one adds the environment, one could say the impossible squaring of the circle. The result of this impossibility is economic stagnation, persistent high inequality, deterioration of the standard of living, especially of the poorest, and serious damage to the environment through deforestation. The pandemic and the war in Ukraine have shaken an already "sick" economy and reveal the structural crisis in Brazil, as well as the turning points in the functioning of the labor market. The present ruptures suggest the political exhaustion of the current presidency and that the country is at a crossroads. [ABSTRACT FROM AUTHOR]

This paper analyzes the main features of the restructuring of the Spanish banking system after the 2008 crisis. The Bank of Spain -the enforcement arm of the European Central Bank's policy- and successive governments accentuated the oligopolistic nature of Spanish banking, as their measures contributed to limit internal competition (eliminating savings banks) and to socialize the costs of the bank bailout. [ABSTRACT FROM AUTHOR]

This paper criticizes the supply-side economic policy promoted by the UK government under Prime Minister Liz Truss. According to the conventional interpretation, the stagnation and productivity crisis in the UK economy is due to the excessive tax burden on large corporations and the tax burden on the richest 1%. If these tax liabilities were reduced, it would increase the profitability of investment, demand and the rate of growth. This would translate into better incomes and higher levels of employment. This story is based on the Laffer curve and associated with the "trickle down" hypothesis, falsified by empirical evidence. Tax reductions for the richest people worsen the distribution of income, and do not raise income or employment. The cause and effect is from profits to investment and growth; not from spending to profits and growth. [ABSTRACT FROM AUTHOR]

This paper provides a theoretical and historical analysis of inflation in monetary production economies since World War II. It shows that the "Keynesian" interpretations of the Phillips curve trade-off and the monetarist interpretations of "inflationary expectations" and the natural rate of unemployment did not establish the proper causal relationship between credit and unemployment, and between costs and inflation. It was Hyman Minsky, an American economist, who - following Keynes' ideas and the bank endogenous currency approach - showed that it is the increase (or reduction) in credit that explains the reduction (increase) in unemployment. The resurgence of inflation today can be explained by a Kaleckian approach in which the reduction of productivity is the efficient cause of an inflation that can become persistent. [ABSTRACT FROM AUTHOR]

This paper argues that this year's "Nobel" prize in economics celebrates one of the weakest aspects of modern macroeconomic thinking: its limited ability to understand the macro-financial instability of modern capitalism. Instead of challenging the stubborn refusal to take seriously thinkers who confront the essential importance of finance and its dangers for the modern world, such as Hyman Minsky or Hyun Song Shin, it flaunts the tendency to ignore them. And it argues that if the Prize Committee had wanted to reward those who seek to understand the dynamics of the modern global financial system and its interconnections with the real economy, it should have given it to the BIS team, which dates back to the time of William White, and to academic economists associated with the BIS such as Hyun Song Shin. [ABSTRACT FROM AUTHOR]

This paper sheds light on an overlooked issue in economics, namely the social responsibility of central banks in a democracy. We consider central banks as institutions of power, and, as such, neither are they nor their policies neutral, in the sense that there are inevitable winners and losers. We explain why and how their power should be regulated and controlled by society. Specifically, we focus on the income distributive nature of monetary policy to demonstrate this assertion. From this, we explain that the time is ripe to build a new framework for central banking aiming at improving central banks' social responsibility consistent with the spirit of a democratic system, and resting on new rules, new types of inner organization and, more broadly, an ethics of responsibility of a new kind. [ABSTRACT FROM AUTHOR]

Simulations and empirical studies suggest that incorporating a discontinuous jump process in asset pricing models improve volatility forecasting, pricing of instruments, and hedging positions in a portfolio. In this paper we analyze high frequency market data of Colombian sovereign bonds to study the presence or absence of discontinuities in the price generating process. We find that Colombian sovereign debt experiments jumps across all maturities but with different frequencies, in particular, we do not find that long term bonds jump less frequently than short term bonds. Furthermore, bonds with closer maturities cojump in greater magnitude than those with a greater distance between them. Finally, we find significant day-of-the-week effects, as well as an important increase in the jump frequency due to surprises in economic information related to US monetary policy, and no effect due to direct monetary policy announcements in Colombia. [ABSTRACT FROM AUTHOR]

This paper presents the main theoretical developments of modern portfolio theory. At first, the fundamental elements of the Markowitz mean-variance model (MV), its formulation and solution of the optimization problem, as well as its limitations, are introduced. Then, different extensions of the MV model are presented by introducing alternative risk measures, as well as the adjustments of the portfolio construction model. In that sense, the downside risk approach is presented. Finally, robust portfolio approaches are introduced considering Bayesian, robust optimization, and risk-parity approaches. From these novel approaches, the adjustments that allow us overcoming some of the limitations of the MV model are highlighted. Also, recent developments that extend the original formulations of the portfolio model to address new challenges and current issues are introduced. [ABSTRACT FROM AUTHOR]

This paper explores the effect of the frequency of data on the accuracy (measure by variance) of the maximum likelihood estimator (MLE) of the trend parameter μ in a jump-diffusion process à la Press (1967). First, we consider the case without jumps (i.e., the geometric Brownian motion (GBM)) as a benchmark case to show that the frequency of data is irrelevant in this first setting. Then, we consider the case with jumps and highlight that things are different in this second situation. Specifically, the asymptotic variance of the MLE of the trend parameter turns out to be higher compared to the case without jumps. Nevertheless, we also prove that when sampling occurs infinitely often (i.e., high frequency) it is possible to obtain the same accuracy for the MLE of μ as for the GBM, given that for higher frequencies it is easier to "identify" price discontinuities (i.e., jumps) for this model. Mathematical proofs are performed under the assumption that the MLE of μ is estimated given the other parameters, but numerical (Montecarlo) simulations indicate that this is also the case even when all parameters are estimated together. [ABSTRACT FROM AUTHOR]

This paper aims to discuss the situation of Mauritius in the post-colonial geopolitical configuration of the Indian Ocean. The island nation, a former British colony that has been independent since 1968, is today confronted with geopolitical issues that place it within a dilemma. Its recent allegiance with India, through preferential trade partnership, makes claiming sovereignty over the Chagos Archipelago which was part of its territory before independence complicated. There is in an ongoing conflict with Great Britain and, indirectly, the United States on this contentious issue. At the same time, Mauritius needs to consider China’s influence in the region since it partners with most of the independent nations on matters of economic development. Mauritius itself has established an important trading platform through Chinese assistance. Concurrently, the Mauritian relationship with the United States cannot be compromised as it has been the major trading partner since 1794 with an embassy established in 1968. Hence, trapped between economic ties from all the partners engaged in the Indian Ocean, Mauritius strives to maintain its neutrality, while also being obliged to accept that its location, size and influence might not be enough to contest against past and emerging superpowers. To this end, the power games remain as complex as ever in the Indian Ocean when seen from a Mauritian perspective. [ABSTRACT FROM AUTHOR]

China’s economic resurgence augurs the possibility of a recalibration in the global balance of power. Many contend that this process is already underway in East Asia – specifically in relation to the South China Sea. In other parts of the world, China’s growing footprint is discernible through infrastructure projects, under Beijing’s Belt and Road initiative. Does China leverage its economic power to realise its interests by forcing smaller nations to accept conditions and agreements which are not in the latter’s interests? This paper examines whether evidence to this effect is visible through a case study of Sri Lanka. The island’s geographic location – astride the Indian Ocean Sea Lanes of Communication – continues to draw the attention of regional and extra-regional powers. Sri Lanka’s constraints in size and poor pace of economic development also grants leeway for India (the regional hegemon) and China to leverage bilateral ties in their interest. Is there evidence to suggest that China has utilised port infrastructure to realise its national interests at the expense of Sri Lanka? Or, has Sri Lanka managed to thread a fine line between the two Asian powers: the neighbouring regional hegemon – India; and the resurgent great power – China? Does the truth lie somewhere in between? This article delves into these questions by examining the approaches and stances which Sri Lanka has adopted towards both nations, particularly during President Gotabaya Rajapakse’s government, from 2019 leading up to the end of 2021. By doing so, it aims to shed light on how Sri Lanka handled bilateral ties with both Asian powers as well as the degree of Sino-Indian competition visible within the island’s port infrastructure landscape. It concludes that the decisions reached with regard to port infrastructure projects represent a mixed picture. A key finding is the ability of domestic interest groups to shape Sri Lanka’s foreign policy during this period, which has significantly dented the island’s ties with other regional allies such as Japan. [ABSTRACT FROM AUTHOR]

This research paper presents a method for the analysis of codes of ethics driven by the strategic interests of the organization. For the review of codes of ethics it is important understand your value structure. The first step consists in a statistical analysis of terms that denote values. The second step consists in a semantical network analysis of the code. This method is presented on the example of the code of ethics of the Fiscalía General de la Nación, Colombia (2008). The proposed method is able to detect, in a detailed manner, emphasis as well as biases in the values' structure of codes of ethics. Thus, it is possible to propose revisions of codes of ethics that are guided by the organization's strategic values. The proposed method fills a void in the literature in relation to general methods for the analysis of codes of ethics with strategic goals. [ABSTRACT FROM AUTHOR]

In recent decades, the design of public policies has gathered diverse disciplines to propose new ways to build knowledge destined to heed society's needs and opportunities. In Latin America, the multicultural and pluriethnic character of the societies has supposed special interest to their design. The case studies allow to locate experiences and to build comparisons and detailed and complex readings of the phenomena present within the territories. Through the compared analysis of four experiences led by the National University of Colombia, with a social innovation approach, this paper describes the contrasts and nuances found in the interaction of local ecosystems of collaboration. Morin's complex thinking, and the social innovation approach are proposed to analyze the contributions of the academy in the scenario of peacebuilding, through the role of mediation in the interaction of local knowledge. This is fundamental for the consolidation of territorial communal processes, and to establishing potential recommendations for the multi-stakeholder design of public policies in the pos-accords scenario. [ABSTRACT FROM AUTHOR]

This paper estimates the Laffer curve through a comparative statical analysis and an econometric exercise. Starting from a microeconomic specification, it first analyzes the distortion caused by an indirect tax and the welfare implications of maximizing tax collection. Then, using data on real per capita tax revenue and the tax rate, an estimate of an econometric model to calculate the optimal tax rate in Colombia is made. The results show that Laffer's postulates are proven with an optimal rate of 32% and suggest that the government has a margin of almost 12 percentage points. [ABSTRACT FROM AUTHOR]

The financial cycle consists of the joint evolution of asset prices and credit aggregates. Its regularity has been abundantly studied for panels of countries which regularly include developed countries and sometimes include less developed or developing countries. This paper employs an innovative methodology to analyze the Colombian financial cycle from time series and bivariate perspectives. First, we characterize expansions and contractions in the stock market and the real exchange rate. These are two distinct asset classes that play an essential role as stores of value in middle-income countries. Our analysis is completed by identifying bull and bear phases in the local-currency credit market. We test the hypothesis that the changes in regulation that originated with the end-of-century crisis in the country impacted the evolution of asset prices and credit aggregates. We find that the amplitude and severity of contraction phases decreased post-reforms, which may signal the success of the new regulation. We find no effect on the behaviour of asset prices and argue that this is to be expected since they were not targeted. Finally, we find that the joint movement of stocks and credit peaks during financial crises and troughs during economic expansions, consistent with findings in the international literature. [ABSTRACT FROM AUTHOR]

Historically, financial instability has been encouraged changes in the regulation of banking institutions. This paper deals with the first banking experiences occurred in Argentina, Brazil, Spain and Portugal and their crises in the first half of the 19th century. As issuing banks, the main obstacle that these institutions had to overcome was to guarantee the convertibility of their bank notes. In all countries the state intervened, initially and in general, granting the issuing privilege in exchange for economic favors. This had a negative impact on the first banking experiences, mostly unsuccessful. The surviving banks received support from the state to continue, but also had more restrictive regulations regarding issuance. In the analyzed cases, the banking crises produced changes in the regulation of banks. [ABSTRACT FROM AUTHOR]

At the beginning of the 21st century, an unprecedented theoretical change in perspective took place, and non-Western theoretical approaches began to be developed as an alternative to traditional theories of International Relations. In this way, some specialists began to debate about the emergence and consolidation of a "Chinese School of International Relations", based mostly on the Asian culture. The aim of this paper is to present the main streams of international studies in China, among which the reverse, obverse and interactive approaches stand out. Likewise, it is particularly intended to understand the conception of international cooperation of each of these approaches. In addition, it is intended to highlight the evolution of international studies in China and departs from the assumption that the production and changes of the axis of international studies follow the rise and geographical position of the great powers. In the Chinese case, they have been growing in parallel with its international prominence and the attainment of great power status. The theoretical framework proposed for this research takes as a starting point the so-called non-western theories, that is, all those theories that are not part of the mainstream of the Western International Relations Theories. [ABSTRACT FROM AUTHOR]

The five new Central Asian States that emerged from the fall of the Soviet Union began a process of State capacity building and the rule of law in their territories. Even though each one has its particularities, the continuity of autocratic political systems is a common factor among them. The privileged geographical position of Central Asia as a mandatory step between Europe and Asia, and its fundamental role in the energy security of world great powers, make the region increasingly important within the political and economic dynamics of the current International System. This might be a factor of analysis that affects changes and configurations in the political arena. This paper examines the extent to which external factors influence domestic politics by drawing on the theoretical background of authoritarian regimes and democratic transition, historical liaisons after the fall of the Soviet Union, as well as external factors such as security affairs, international trade, infrastructure projects in oil and gas pipelines, and competence for scarce water resources in the region. [ABSTRACT FROM AUTHOR]

Migration is a common phenomenon in Africa as citizens migrate within the continent for several reasons including education, family, employment, trade, and investment. Significant numbers of African migrants travel to the Middle East in search of economic opportunities. With the intensification of globalisation and the advancement of technology, human mobility across international borders is expected to rise in the coming decades. Despite challenges of international migration, migrants play a significant role in destination countries as they boost working-age population; contribute to revenue generation through taxes; contribute to human capital development; and enrich technological progress. Countries of origin increasingly appreciate their Diaspora communities due to remittances and migrants' skills. The growing number of African migrants calls for a strategic partnership between Africa and the Middle East through a multilateral forum that will enhance policy consultation and coordination for the benefit for both sides. The paper analyses intra-African migration, migration patterns from Africa to the Middle East and Gulf Cooperation Council (GCC) countries, drivers of migrations, migrants' positive contributions and challenges; national and Africa's Regional Economic Communities (RECs) responses in protecting the migrants. Key recommendations including the strengthening of free movement policies is critical Africa in ensuring that rights of African migrants are protected within Africa; working towards improving migration data to inform policy; enhancing interregional cooperation between Africa's RECs to enhancing the potential of intra-African migration; and fast-tracking the establishment of an effective multilateral forum for Africa and the Middle East for enhancing policy consultation and coordination to guarantee their common interests. [ABSTRACT FROM AUTHOR]

This paper estimates the effect of labor informality on homicides in Cali through an econometric analysis using instrumental variables. The results show a positive effect of labor informality (not being affiliated to the health system and not paying pension contributions) on homicides: on average, a one percentage point increase in the labor informality rate increases homicides by 4,2%, significant at the 1% level. These results are relevant for the study of the economics of crime in developing regions. [ABSTRACT FROM AUTHOR]

This paper explores the credibility of monetary policy in Colombia and its evolution after the adoption of the inflation targeting system. To do so, a non-linear Phillips curve is estimated based on unemployment for an open economy, which incorporates the direct effect of past inflation rate on price formation and a prospective component. It shows a deeper trade-off between inflation and unemployment and lower inflationary persistence. Consequently, the country could emphasize the greater responsibility of the central bank in economic growth and employment. [ABSTRACT FROM AUTHOR]

This paper studies the relationship of the perception of corruption and lack of transparency with voting preferences and protests. It examines the case of Colombia using data from the 2015 Latinobarómetro Survey and a multinomial logistic model that assumes a simultaneous choice of participation type (or a combination of types), which allows us to establish whether the preference for protest substitutes or complements the preference for voting. A positive relationship was found between the perception of corruption and lack of transparency with the preference to protest in addition to voting. If citizens perceive greater corruption or doubt government transparency, they are more willing to participate in demonstrations, without reducing their support for electoral participation. This suggests that there is a general acceptance of formal democratic participation despite the shortcomings of the political regime. [ABSTRACT FROM AUTHOR]

Sraffa rescues the classical analysis and puts it in discussion with mainstream theory. The thesis of this paper is that his ontological analysis, specified in the market snapshot, allows us to understand Sraffa's theoretical position and, in turn, is a method to assess his traditional interpretations as well as the new perspectives arising from the reading of his drafts. Its position is not entirely precise, so it is necessary to include conventions, which open the way to institutional analysis. Finally, starting from the contrast with other interpretations, it proposes to defend the coherence between the vision of the world and the ideas developed. [ABSTRACT FROM AUTHOR]

Between the French Revolution (1789) and the outbreak of the Springtime of the Peoples (1848), European economic thought debated between the defense of protected markets and the proper opening of capitalist markets. In this paper, we address this process specifically in the framework of the German intellectual scene, from the bibliographic debates of the time, as a historical marker for a more complete understanding of the Hegelian conceptualization of political economy, its scope, limitations, and projections. [ABSTRACT FROM AUTHOR]

Mainstream economic theory is replete with assumptions that feed into structural or systemic racism. It supports an economic system that severely disadvantages people at the lower end of the socio-economic spectrum, which in the U.S. includes a disproportionate number of Hispanics, indigenous people, and descendants of slaves ((would Afro-Americans be more appropriate?)). The paper discusses 15 such assumptions that are generally trivialized, including the crucial role information costs play in decision making. In turn, costly information implies that its acquisition by poor people requires a greater share of their income, making it more difficult for them to make well-informed decisions. [ABSTRACT FROM AUTHOR]

Economics is a policy discipline that deals with the problems of social organization and the general good. It co-evolves with circumstances, and it is historically contingent. The world to which economic policies are ultimately addressed is a complex system. Yet economists seeking to develop appropriate policies are necessarily guided by simplifications and heuristics. The question before the discipline is to decide what sort of simplification is best suited to the task. In the spirit of modern science, this paper argues that appropriate generalizations, simplifications, heuristics, and principles are to be derived from a study of the actual world. While these may deploy mathematical tools and draw on insights from the behavior of mathematical systems, the latter by themselves are inadequate, especially where they start from the dead dogmas of the neoclassical mainstream: ex nihilo nihil fit. [ABSTRACT FROM AUTHOR]

This paper aims to analyze the evolution of the approach to the colonial question at the United Nations, and its impact on African independence and the abolition of minority regimes on that continent, from the Organization's foundation in 1945 until the adoption of the Special Committee on Decolonization in 1961. The issue we intend to address is the role of the United Nations in the transformation of the post-war world, and especially in challenging colonialism. The problem we will focus on is how that body, founded by the victorious powers of World War II, became by the 1960s, a forum for discussion, coordination and implementation of policies that promoted the elimination of colonial empires and settler regimes in Africa. [ABSTRACT FROM AUTHOR]

The increasing dispute between the United States of America and China finds a main area of competition around 5G, which will enable a substantial improvement in the capacity for vehicle auto-guidance, remote operations, robotics, artificial intelligence and other dual-use applications. While 5G is still emerging, the global shaping of the network infrastructure, regulations, patents and standards involves the Global South. It is an eminently global dispute for markets, but also for national security, which has gained a central place on the foreign policy agenda of most of the countries around the globe. In this context, the objective of this text is to analyze the emergent conditions of 5G in two of the main countries of the Global South, India and Brazil, within the dispute between the US and China. Through the contextualization of this dispute and its implications in India and Brazil, we seek to extract a series of preliminary reflections for other countries of the Global South. Thus, this paper contributes to a key area understanding the emergent conditions of a new phase of the mobile telecommunications paradigm developing two main cases still unexplored systematically by the literature in Spanish. [ABSTRACT FROM AUTHOR]

Since 2015, local governments of 30 Mexican states have joined the National Open Government Partnership to enhance openness through mechanisms of transparency, accountability and citizen participation. The objective of this paper is to analyze the frameworks promoted by the State Government of Michoacán on public participation since the adoption of an open government policy. To achieve the objective, press releases from the Michoacán State Government's page were collected and subsequently examined through a framing analysis. Findings indicate that this subnational government has framed public participation in two ways: as a democratic advance and as a transfer of responsibilities to citizens. At the same time, there is a recognition of new public and private actors sharing public decisions with the government. Despite the progress found in this subnational context, the authors warn of serious risks due to the absence of clear rules for the implementation of mechanisms for public participation. [ABSTRACT FROM AUTHOR]

This paper analyzes the impact of the decentralization policy on the education sector of the Department of Huila. It uses panel data on fiscal, administrative and political decentralization, as well as educational coverage and educational quality of all its municipalities in the period 2005-2015. The results show that educational coverage has a positive relationship with administrative decentralization, and that fiscal, administrative and political decentralization contribute to improving the quality of municipal education. [ABSTRACT FROM AUTHOR]

Macarena Suanes and Oriol Roca studied the main determinants of inequality and economic growth in Latin America between 1980 and 2009 and found that one of the main determinants was foreign direct investment. This paper extends that study to 2015 and shows that such investment is no longer significant. In contrast, increasing human capital significantly reduces inequality and improves economic growth. It is recommended, then, that economic policies are oriented towards raising educational attainment. [ABSTRACT FROM AUTHOR]

This paper analyzes the concept of probability in Keynes' work and proposes a method for formalizing the notion of uncertainty in the General Theory using Bayes' theorem and the principle of maximum entropy. One of the main conclusions is that, despite sharing his rejection of the frequentist approach to statistics, it is unreasonable to think that numerical probabilities cannot be determined, even if some criterion of objectivity is met. [ABSTRACT FROM AUTHOR]

This paper presents the Hierarchical Risk Parity (hrp) approach proposed by López de Prado (2016, 2018, 2020) for the construction of optimal investment portfolios using unsupervised learning, hierarchical clustering, which allow overcome some limitations of the Mean-Variance (MV) model, in particular those related to the need to invert the covariance matrix when implementing the cla algorithm. A sample of 7 assets from the American market is taken, with which an application of the hrp algorithm proposed by López de Prado is carried out, finding that under this model the distribution of assets in different clusters generates improvements in terms of the expected return, as well as of the Sharpe coefficient compared to the results of the Mean-Variance portfolio. [ABSTRACT FROM AUTHOR]

In this paper we implemented a Bayesian robust optimization model to select an optimal investment portfolio. To do that, we extended the model developed by Meucci, which consists of incorporating the Bayesian approach into the robust portfolio model in order to define an ellipsoidal-type uncertainty set under an Inverse Wishart Distribution. Thus, the uncertainty of the estimated parameters for create the robust counterpart in the portfolio model. The proposed model uses a Gamma distribution function, as a generalization of the Wishart function. Results confirm Meucci's conclusions and, it corroborates the properties attributed to those portfolios. [ABSTRACT FROM AUTHOR]

This paper presents an approach for socially responsible investment portfolio selection through the incorporation of esg criteria: environment (A), social (S) and of good governance (G); to the Markowitz's mean-variance (MV) model. For that, different formulations of the MV optimization problem are revised, as well as its adjustment to incorporate these indicators in the construction and optimization of the portfolio. This new approach, known as the MV-esg model, allows the construction of a complete set of feasible optimal portfolios based on the three relationships: return, risk and the esg score; resulting in an efficient surface (ES) on a three-dimensional space. Results show that the achievement of an increasingly higher esg indicator not only reduces the performance of the portfolio with respect to the MV portfolio, but also reduces its risk diversification capacity. However, the fact that the incorporation of esg criteria allows investors to incorporate their preferences to minimize the social and environmental impact of their investments is highlighted, since the optimal esg portfolio generates better indicators than any portfolio that pursue only the optimal risk-return ratio, in addition to outperforming the benchmark. [ABSTRACT FROM AUTHOR]