Search

This paper first describes the Bretton Woods system: its origin, what it was meant to achieve, and why it collapsed. We then describe the emergence of the global non-system in which inflation targeting has replaced full-employment Keynesianism and floating exchange rates have replaced the Bretton Woods set-up of fixed but adjustable exchange rates. We describe how the Bretton Woods system set about achieving the three objectives laid down for a well-functioning international economic system by John Maynard Keynes: full employment without inflation, sustainable current account balances between countries, and a sustainable flow of international financial capital—on the understanding that an open trading regime is also fostered. Because the global non-system is now very different from the Bretton Woods system, Keynes's objectives now need to be achieved in a very different manner. Looking forward, this non-system faces a number of longer-term challenges. Important adjustment issues will arise in relation to the global demographic transition; the potential long-term slowdown in productivity growth; and the rise in investment in renewable sources of energy which will be necessary to help ensure that the world is able to move towards zero emissions of carbon by 2050. We also discuss important policy issues in relation to the flows of international capital to emerging market economies, and the likely need for a sovereign debt reconstruction mechanism. We then go on to consider two significant structural changes to the world—the emergence of the European Monetary Union and the rise of China. A final section of the paper considers the importance of leadership in this global non-system. [ABSTRACT FROM AUTHOR]

This paper analyzes and describes multinational companies as a business internationalization strategy through foreign direct investments (FDIs) for business internationalization to reach business values in the frames of globalization. The analysis and results demontstrated that Multinational companies (MNCs) and foreign direct investments (FDIs) may face challenges and risks in new locations due to economic and political instability, difficulties of infrastructure, distrust in the locations, locations, difficulties of balance in payment, challenging negotiations in business agreements and quality contracts, borders and transportation challenges, challenging in the market size. Multinational companies that go for foreign direct investment have an economic impact and can affect a country's economy in various ways, for example, in the balance of payments, in growth rates and in job creation. The effect of foreign direct investment by multinational companies can be negative or positive depending on certain factors. A multinational company's pattern of internationalization represents different factors of possibilities, costs, risks and difficulties faced during its internationalization. In conclusions, Foreign direct investment (FDI) is an important step towards business internationalization and if the domestic company decides to go multinational towards FDI, it has to consider the factors of ownership, location and internalization to reach business internationalization as confirmed in Dunning's framework and this analysis. [ABSTRACT FROM AUTHOR]

The paper examines whether certain macrofinancial indicators can be used for early detection of recessions. Analysing a sample of small open economies from Central and Eastern European Union, we first identify the most important indicators used for early detection of recessions, and then test the validity of the selection by using the signal method and multivariate probit regressions. Our results imply that the most effective predictors of upcoming recessions are the slope of the yield curve, current account balance to GDP ratio, real estate price index, self-financing ratio of commercial banks, nominal effective exchange rate, global exports and LIBOR rate. Using the Mann-Whitney U Test, we also find that foreign indicators emit earlier signals of incoming recessions in analysed countries than domestic ones. This type of research is important because of the various stakeholders that base their decisions on the signals provided by these indicators. Primarily, these are various government agencies that participate in monetary and fiscal policy making. Early warning of an impending recession allows economic policy makers to take corrective action to avoid a recession or to significantly mitigate its effects, while unreliable indicators may lead to adoption of unnecessary measures with adverse effects on the economy. [ABSTRACT FROM AUTHOR]

This paper uses principal components analysis to describe the evolution of current account imbalances in a sample of 18 Organization for Economic Cooperation and Development countries from 1950 to 2020. The analysis shows, using only statistical methods, how two groups of countries formed in the 1980s. There is the current account surplus group including countries in Northern Europe, Japan and Switzerland and then the deficit group including the United States, the United Kingdom, Australia and several countries in Southern Europe. The divergence cannot be attributed to divergence in fiscal and monetary policy. Instead, there is some support for the thesis of Robert Aliber set out in another paper in this issue that capital flows between countries affect exchange rates, asset prices and the current account. The paper builds on two earlier papers in this journal by the same author, one showing how countries that have experienced a financial crisis tend to subsequently develop current account surpluses and the other showing how surpluses and deficits caused by capital flows affect the domestic real economy. [ABSTRACT FROM AUTHOR]

The presence of high short-circuit currents (200–300 kA) in autonomous and generator power systems of low and medium voltage classes, causing a decrease in the switching resource of switching facilities, necessitates the search for ways of limiting the current. The paper proposes a solution to this problem: a semiconductor current-limiting device based on a DC chopper, a DC-to-DC converter. This devices' features are its low dimensions and losses during typical operation. Semiconductor elements can be arranged quite compactly due to the lack of radiators for cooling, since the cooling process—taking into account the short duration of the current limitation process—is not efficient. The choice of semiconductor devices takes into account the short duration of the current load, as a result of which the temperature of the semiconductor structure does not exceed its permissible value. This paper presents a method for calculating the parameters of semiconductor devices, taking into account the current load as well as adjusting the magnitude of current limitation to a value that can be disconnected by switching devices. The short-term mode of operation of the power semiconductor device with current regulated by the frequency and duty cycle of its operation makes it possible to facilitate the required current limitation in the circuit for the subsequent fault clearance with a typical electrical device. The problem of overcurrent of one of the elements of the limiter is noted, which requires special attention to ensure that the semiconductor device is not overheated. This paper also presents the principle of current limitation, summarizes the results of experimental studies, and analyzes the presented capabilities of a semiconductor current limiter. [ABSTRACT FROM AUTHOR]

The notion of utility gained a strong foothold in health economics over the last decades. However, the concept of health utility has not yet been decisively or irrefutably defined and the definitions that exist often do not take into account the current state of psychological literature. This perspective paper shows that the current definition of health utility emphasizes decision-making processes, deploys personal preferences, assumes psychological egoism, and attempts to objectively and cardinally measure utility. However, these foundational axioms that underly the current definition of health utility are not necessarily in concurrence with the current state of psychological literature. Due to these perceived shortcomings of the current health utility definition, it may be beneficial to redefine the concept of health utility in accordance with the current state of psychological literature. In order to develop such a revised definition of health utility the commonly deployed formula (Eidos = Genos + Diaphora) originating from Aristotle's metaphysics is applied. The revised definition of health utility proposed in this perspective paper alludes to health utility as 'the subjective value, expressed in terms of perceived pain or pleasure, that is attributed to the cognitive, affective and conative experience of one's own physical, mental and social health state, which is determined through self-reflection and interaction with significant others'. Although this revised definition does neither replace nor supersede other conceptualizations of health utility, it may serve as a refreshing avenue for further discussion and could, eventually, support policymakers and health economists in operationalizing and measuring health utility in an even more accurate and veracious manner. [ABSTRACT FROM AUTHOR]

The main goal of this contribution is to assess the development of the economic condition of the Slovak Republic in the context of the impacts of the COVID-19 pandemic. The situation regarding the development of and changes in the economic condition of Slovakia is compared with that in selected EU countries, considering the effects of previous global crises, with a focus on the impacts on small and medium-sized enterprises. The economies of European countries are mentioned to illustrate the ideas of the presented paper, with an emphasis on the economic dimension of the COVID-19 pandemic and its subsequent impact on the Slovak Republic. This research is conducted through basic analytical tools and an analysis of the development of macroeconomic indicators, and by addressing the issue through data from a globally available database. The results in this paper serve as proposals and recommendations for the mitigation of negative economic impacts. [ABSTRACT FROM AUTHOR]

This study estimates the long-term impact of Chinese RMB exchange rate movements on the trade balance between China and the Eastern African Belt and Road Initiative countries. The Pedroni cointegration analysis and the fully modified and dynamic OLS techniques are applied to the dataset from UNComtrade and China Statistical Yearbook 2019. Some specification novelties are the use of imports and exports as independent variables. By so doing, the paper proposes an alternative measure of the trade balance. We find that the RMB exchange rate movements are stable during the sample period and slightly affect the trade balance between China and the Eastern African BRI countries. Additionally, the study does not find evidence supporting the J-curve effect in China-East Africa trade balance. The empirical results suggest that the Eastern African BRI countries would gain much more trading collectively with China than individually. Therefore, the study strongly recommends that the East African Community accelerate its integration process and establish Export Quotas for trade outside the bloc. [ABSTRACT FROM AUTHOR]

Presents information related to several abstracts on economics published in the February 1962 issue of the journal 'Oxford Economic Papers.' Examination of India's third five year plan; Marginal rate of saving in the Indian economy; Indian balance of payments policy and exchange auctions.

Purpose: This paper provides a structured literature review of blockchain in accounting. The authors identify current trends, analyse and critique the key topics of research and discuss the future of this nascent field of inquiry. Design/methodology/approach: This study's analysis combined a structured literature review with citation analysis, topic modelling using a machine learning approach and a manual review of selected articles. The corpus comprised 153 academic papers from two ranked journal lists, the Association of Business Schools (ABS) and the Australian Business Deans Council (ABDC), and from the Social Science Research Network (SSRN). From this, the authors analysed and critiqued the current and future research trends in the four most predominant topics of research in blockchain for accounting. Findings: Blockchain is not yet a mainstream accounting topic, and most of the current literature is normative. The four most commonly discussed areas of blockchain include the changing role of accountants; new challenges for auditors; opportunities and challenges of blockchain technology application; and the regulation of cryptoassets. While blockchain will likely be disruptive to accounting and auditing, there will still be a need for these roles. With the sheer volume of information that blockchain records, both professions may shift out of the back-office toward higher-profile advisory roles where accountants try to align competitive intelligence with business strategy, and auditors are called on ex ante to verify transactions and even whole ecosystems. Research limitations/implications: The authors identify several challenges that will need to be examined in future research. Challenges include skilling up for a new paradigm, the logistical issues associated with managing and monitoring multiple parties all contributing to various public and private blockchains, and the pressing need for legal frameworks to regulate cryptoassets. Practical implications: The possibilities that blockchain brings to information disclosure, fraud detection and overcoming the threat of shadow dealings in developing countries all contribute to the importance of further investigation into blockchain in accounting. Originality/value: The authors' structured literature review uniquely identifies critical research topics for developing future research directions related to blockchain in accounting. [ABSTRACT FROM AUTHOR]

Copyright of Journal of International Relations / Medzinarodne Vztahy is the property of University of Economics in Bratislava, Faculty of International Relations 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 article discusses the abstracts of several papers on economics published in the November 1965 issue of the journal "International Monetary Fund Staff Papers." The first article of the journal is "International Liquidity and the Balance of Payments," by Oscar L. Altman. It opines that there are two major ways of creating international reserves of an unconditional character: serves of an unconditional character: through the mechanism of the gold exchange standard, using key currencies, principally dollars, through gold tranche positions in the International Monetary Fund. The second article is "Seasonality in World Financial and Trade Data," J.B. Gupta. The result of the article shows that, among the 13 series, Export have the highest seasonality; the seasonality of Imports, International Liquidity, Reserve Money, Foreign Assets, Claims on Government, and Money is also high. The third article of the journal is "Effects of Exchange-Rate Devaluations and Revaluations on Receipts from Tourism," by Andreas S. Gerakis, which argues that there are good a priori reasons for believing that shifts in relative prices could have powerful substitution effects on tourist receipts and that the latter could be price elastic.

This article presents abstracts of several papers about international monetary published in the March 1965 issue of the journal International Monetary Fund Staff Papers. In the article Euro-Dollars: Some Further Comments, Oscar L. Altman discussed some issues concerning the use of Euro-dollars in the U.S. While in the article Balance of Payments Adjustment Among Developed Countries, Anne Romanis argued that persistent disequlibria often originate in once-and-for-all changes and tend to abate in time, that the adjustment process can be strengthened by deliberate long-term policies and that if imbalances impose intolerable pressures on particular countries, recourse should be had to exchange rate adjustments at infrequent intervals.

Every country attempts to improve its balance of payments (BOP) position to enhance macroeconomic policy. Algeria, like many developing countries, is experiencing a BOP deficit. This raises concerns about the reasons for this deficit and prioritizes the quest for potential answers. In the context of the Monetary Approach to the balance of payments (MABP), this paper investigates the long-run relationship between domestic credit, inflation, interest rate, GDP, and net foreign assets to find whether BOP is a monetary phenomenon in Algeria from 1980 to 2019. The Autoregressive Distributed Lag (ARDL) bounds test, combined with the critical approximation p-values of Kripfganz and Schneider (2020), has been applied. The findings clearly showed a long-run relationship among the variables. The long-run estimates strongly supported MABP propositions, and domestic credit had a negative and statistically significant influence on net foreign assets. This suggests that Algeria's BOP is a monetary phenomenon, and excess money supply played a crucial role in Algeria's balance of payments disequilibrium. The contribution of this paper is the use of the ARDL bounds test in combination with the novel critical approximation p-values of Kripfganz and Schneider (2020), which provided more robust results. This study could help monetary authorities to elaborate the suitable policies in dealing with BOP problems in Algeria. [ABSTRACT FROM AUTHOR]

The paper examines the determinants of public debt in EU Member States, including the United Kingdom, from 2005 to 2019. The research's aim is to estimate the correlation of each macroeconomic indicator, as current account balance, real effective exchange rate, export market share, nominal unit labour cost index, unemployment rate to public debt, using a multiple regression on panel data, the contribution that the United Kingdom has had in the whole mechanism of the Union. Also, among the objectives is the capture of some proposals for a better limitation of the increasing levels of the member countries' debts, taking into account the impact of Covid 19, which at this date cannot be estimated accurately. The results, in this sense, seem to indicate an acceleration of the level of debt that tends to increase in most member countries to limit and stabilize some severely affected economies. The main contribution of the paper is providing a viable solution for recovery and constant economic growth in order to reduce the public debt at the level of the member countries of the European Union. [ABSTRACT FROM AUTHOR]

Both papers in this session try to discriminate between various theories of the determination of exchange rates. The null hypothesis of the Brittain paper is that monetary factors are not relevant in the determination of exchange rates. After examining some of the implications of current monetary models he rejects the null hypothesis. The Sargen paper sets out to explain the empirical observation that in the floating exchange rate period some rates were highly volatile while others seemed to be quite stable. He examines the implications of two alternative theories. He finds that the Purchasing Power Parity (PPP) theory as extended by Girton & Roper is not quite adequate in explaining exchange rate fluctuations, but that it explains reserve changes quite well. The Aliber-Dornbusch-McKinnon approach, which is the alternative theory, implies that structural parameters of the economy will influence exchange rate volatility. He then proceeds to estimate these parameters and finds that they are not sufficiently different across countries to account for the differences in exchange rate volatility. [ABSTRACT FROM AUTHOR]